0001580695-18-000051.txt : 20180118 0001580695-18-000051.hdr.sgml : 20180118 20180118161203 ACCESSION NUMBER: 0001580695-18-000051 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20171130 FILED AS OF DATE: 20180118 DATE AS OF CHANGE: 20180118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Monaker Group, Inc. CENTRAL INDEX KEY: 0001372183 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 263509845 STATE OF INCORPORATION: NV FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52669 FILM NUMBER: 18534108 BUSINESS ADDRESS: STREET 1: 2690 WESTON ROAD STREET 2: SUITE 200 CITY: WESTON STATE: FL ZIP: 33331 BUSINESS PHONE: (954) 888-9779 MAIL ADDRESS: STREET 1: 2690 WESTON ROAD STREET 2: SUITE 200 CITY: WESTON STATE: FL ZIP: 33331 FORMER COMPANY: FORMER CONFORMED NAME: Next 1 Interactive, Inc. DATE OF NAME CHANGE: 20081009 FORMER COMPANY: FORMER CONFORMED NAME: MAXIMUS EXPLORATION CORP DATE OF NAME CHANGE: 20060809 10-Q 1 mkgi-10q_113017.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended: November 30, 2017

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _________________

Commission File No. 000-52669

MONAKER GROUP, INC.

(Exact name of registrant as specified in its charter)

Nevada		26-3509845
(State or other jurisdiction of		(I.R.S. Employer
incorporation or formation)		Identification Number)

2690 Weston Road, Suite 200

Weston, FL 33331

(Address of principal executive offices)

(954) 888-9779

(Registrant’s telephone number)

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 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 ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 ☐ No

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


Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
Emerging growth ☐

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 Exchange Act). ☐ Yes ☒ No

As of January 16, 2018, there were 19,647,639 shares outstanding of the registrant’s common stock.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	42

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Monaker Group, Inc. and Subsidiaries
Consolidated Balance Sheet
(Unaudited)

	November 30,			February 28,
	2017			2017
Assets
Current Assets
Cash	$	895,518		$	1,007,065
Notes receivable		750,000			750,000
Prepaid expenses and other current assets		8,078			42,894
Security deposits		15,000			15,000
Total current assets		1,668,596			1,814,959

Note receivable		2,900,000			—
Website Development costs and intangible assets, net		2,561,348			772,069
Land		600,000			—
Deposit		900,000			—
Total assets	$	8,629,944		$	2,587,028

Liabilities and Stockholders’ Equity (Deficit)
Current Liabilities
Line of Credit	$	1,193,000		$	1,193,000
Accounts payable and accrued expenses		573,605			262,493
Other current liabilities		19,348			153,648
Convertible promissory notes - related party		—			1,409,326
Total current liabilities		1,785,953			3,018,467

Deferred gain		2,900,000			—
Total liabilities		4,685,953			3,018,467

Commitments and contingencies

Stockholders’ equity (deficit)
Series A Preferred stock, $0.01 par value; 3,000,000 authorized; 0 and 1,869,611 shares issued and outstanding at November 30, 2017 and February 28, 2017, respectively		—			18,696
Common stock, $0.00001 par value; 500,000,000 shares authorized; 18,812,389 and 11,133,938 shares issued and outstanding at November 30, 2017 and February 28, 2017, respectively		188			111
Additional paid-in-capital		108,903,895			100,209,386
Accumulated deficit		(104,960,092	)		(100,659,632	)
Total stockholders’ equity (deficit)		3,943,991			(431,439	)
Total liabilities and stockholders’ equity (deficit)	$	8,629,944		$	2,587,028

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

Monaker Group, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

	For the three months ended						For the nine months ended
	November 30,						November 30,
	2017			2016			2017			2016
Revenues
Travel and commission revenues	$	142,063		$	101,477		$	410,907		$	373,346
Total revenues		142,063			101,477			410,907			373,346

Operating expenses
General and administrative		400,061			777,522			1,115,881			1,883,450
Salaries and benefits		505,427			350,928			1,510,880			1,242,609
Stock-based compensation		603,418			748,462			947,241			968,985
Cost of revenues		112,058			98,224			302,555			294,433
Technology and development		269,520			—			587,816			—
Selling and promotions expense		37,032			137,273			65,634			166,721
Total operating expenses		1,927,516			2,112,409			4,530,007			4,556,198
Operating loss		(1,785,453	)		(2,010,932	)		(4,119,100	)		(4,182,852	)

Other income (expense)
Interest expense		(16,006	)		(66,281	)		(181,510	)		(189,678	)
Gain on extinguishment of debt		—			—			—			97,943
Interest income		150			—			150			—
Loss on legal settlement		—			—			—			(81,832	)
Gain on sales of investments		—			—			—			245,958
Loss on investment		—			(168,500	)		—			(168,500	)
Other income		—			(281	)		—			—
Total other expense		(15,856	)		(235,062	)		(181,360	)		(96,109	)

Net loss	$	(1,801,309	)	$	(2,245,994	)	$	(4,300,460	)	$	(4,278,961	)

Weighted average number of common shares outstanding		17,864,402			9,340,277			14,186,032			8,078,582

Basic and diluted net loss per share	$	(0.10	)	$	(0.24	)	$	(0.30	)	$	(0.53	)

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

Monaker Group, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	For the nine months ended
	November 30,			November 30,
	2017			2016
Cash flows from operating activities:
Net income (loss) applicable to Monaker Group, Inc.	$	(4,300,460	)	$	(4,278,961	)

Adjustments to reconcile net loss to net cash from operating activities:
Stock based compensation and consulting fees		956,741			1,110,423
Amortization of intangibles		140,770			835,698
Gain on settlement of debt		—			(97,943	)
Gain on sale of assets		—			(245,958	)
Loss on investment		—			168,500
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable and accrued expenses		257,114			(144,965	)
Decrease in prepaid expenses and other current assets		34,816			23,586
Decrease in other current liabilities		(134,300	)		(238,855	)
Increase in security deposits		—			(1,794	)
Net cash used in operating activities		(3,045,319	)		(2,870,269	)

Cash flows from investing activities:
Payment related to website development cost		(245,049	)		(630,864	)
Net cash used in investing activities		(245,049	)		(630,864	)

Cash flows from financing activities:
Payments on other notes payable		—			(214,582	)
Proceeds from shareholder loans		75,000			20,000
Payments on shareholder loans		(75,000	)		(35,919	)
Proceeds from line of credit, net		—			993,000
Proceeds from issuance of common stock		3,023,933			1,752,800
Proceeds from exercise of common stock warrants		154,888			950,542
Net cash provided by financing activities		3,178,821			3,465,841

Net (decrease) increase in cash		(111,547	)		(35,292	)

Cash at beginning of period		1,007,065			137,944

Cash at end of period	$	895,518		$	102,652

Supplemental disclosure:
Cash paid for interest	$	181,510		$	104,233

Non-cash transactions:
Common stock for assets	$	3,185,000		$	—
Shares/warrants issued for conversions of debt to equity	$	1,409,326		$	75,000
Series A Preferred converted to common stock	$	18,696		$	—
Note payable and accrued interest converted to common stock	$	—		$	575,372
Settlement of accrued interest with stock	$	—		$	14,000
Common stock issued for investment	$	—		$	112,500

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

Monaker Group, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(Unaudited)

Note 1 – Summary of Business Operations and Significant Accounting Policies

Nature of Operations and Business Organization

Monaker Group, Inc. and its subsidiaries (“Monaker”, “we”, “our”, “us”, or “Company”) operate an online marketplace for the alternative lodging rental industry. Alternative lodging rentals (ALRs) are whole unit vacation homes or timeshare resort units that are fully furnished, privately owned residential properties, including homes, condominiums, villas and cabins, that property owners and managers rent to the public on a nightly, weekly or monthly basis. As an added feature to our ALR offerings, we also provide access to airline, car rental, hotel, cruise and activities products along with concierge tours and activities, at the destinations, that are catered to the traveler through our Maupintour products.

We provide a vacation rental platform with auxiliary services so travelers can purchase vacations through our websites that include NextTrip.com, Maupintour.com and EXVG.com or through distributors of the Company’s ALRs, while providing inquiries and bookings to property owners and managers. NextTrip serves three major constituents: (1) property owners and managers, (2) travelers, and (3) other distributors. Property owners and managers provide detailed listings of their properties to the Company with the goal of reaching a broad audience of travelers seeking ALRs. The property owners and managers provide us their properties, at a preferential net rate for each booking and, in return, their properties are listed for free as an available ALR on NextTrip.com (as well as other distributors of the Company’s ALRs). Travelers visit NextTrip.com (as well as other distributors of the Company’s ALRs) and are able to search and compare our large and detailed inventory of listings to find ALRs meeting their needs.

Monaker is a technology driven travel company with ALR products as its distinguishing niche. The ALRs are owned and leased by third parties and are available to rent through Monaker’s websites as well as other distributors of Monaker’s ALRs. Monaker’s services include critical elements such as technology, an extensive film library, trusted brands and established partnerships that enhance product offerings and reach. Monaker has video content, key industry relationships and a prestigious Travel Brand as cornerstones for the development and planned deployment of core-technology on both proprietary and partnership platforms.

Monaker sells travel services to leisure and corporate customers around the world. The primary focus is on providing ALR options as well as providing schedule, pricing and availability information for booking reservations for airlines, hotels, rental cars, cruises and other travel products such as sightseeing tours, show and event tickets and theme park passes. The Company sells these travel services both individually and also as components of dynamically-assembled packaged travel vacations and trips. In addition, the Company provides proprietary videos that present travelers with information about travel destinations, maps and other travel details. In May 2017, the Company introduced its new Travel Platform under the NextTrip brand. This platform continues to be improved with a focus on maximizing the consumer’s experience and assisting them in the decision and purchasing process.

The platform is a combination of proprietary and licensed technology (described below) that connects and searches large travel suppliers of alternative lodging inventories to present to consumers comprehensive and optimal alternatives at the most inexpensive rates to choose from.

The Company sells its travel services through various distribution channels including (i) direct to consumers through its websites (NextTrip.com and EXVG.com), its mobile application (“app”), and a toll-free telephone number designed to assist customers with complex or high-priced offerings of Maupintour and, (ii) the Company plans to provide real-time bookable ALRs to other distributors (such as other travel companies’ websites and networks of third-party travel agents) who will sell the ALRs to their customers.

Monaker’s core holdings include NextTrip.com, Maupintour.com and EXVG.com. NextTrip.com is the primary website, where travel services and products are booked. The travel services and products include ALRs, tours, activities/attractions, airline, hotel, and car rentals. Maupintour complements the Nextrip.com offering by providing high-end tour packages and activities/attractions. EXVG.com is the website where ALRs, that are not real-time bookable, will be promoted.

Interim Financial Statements

These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended February 28, 2017 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”).

The results of operations for the nine months ended November 30, 2017, are not necessarily indicative of the results to be expected for the full fiscal year ending February 28, 2018.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material inter-company transactions and accounts have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP 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 the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. These differences could have a material effect on the Company’s future results of operations and financial position. Significant items subject to estimates and assumptions include certain revenues, the carrying amounts of indefinite-lived intangible assets, depreciation and amortization, the valuation of stock warrants, and deferred income taxes.

Cash and Cash Equivalents

For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at November 30, 2017 and February 28, 2017.

Website Development Costs

The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized and costs incurred in the day to day operation of the website are expensed as incurred. All costs associated with the websites are subject to straight-line amortization over a three-year period.

Software Development Costs

The Company capitalizes internal software development costs subsequent to establishing technological feasibility of a software application in accordance with guidelines established by “ASC 985-20-25” Accounting for the Costs of Software to Be Sold, Leased, or Otherwise Marketed, requiring certain software development costs to be capitalized upon the establishment of technological feasibility. The establishment of technological feasibility and the ongoing assessment of the recoverability of these costs require considerable judgment by management with respect to certain external factors such as anticipated future revenue, estimated economic life, and changes in software and hardware technologies. Amortization of the capitalized software development costs begins when the product is available for general release to customers. Capitalized costs are amortized based on the greater of (a) the ratio of current gross revenues to the total current and anticipated future gross revenues, or (b) the straight-line method over the remaining estimated economic life of the product. For the nine months ended November 30, 2017 and the year ended February 28, 2017, all software has been placed in service and all costs associated with the software development have been expensed.

Impairment of Intangible Assets

In accordance with ASC 350-30-65 “Goodwill and Other Intangible Assets”, the Company assesses the impairment of identifiable intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important, which could trigger an impairment review include the following:

1. Significant underperformance compared to historical or projected future operating results;

2. Significant changes in the manner or use of the acquired assets or the strategy for the overall business; and

3. Significant negative industry or economic trends.

When the Company determines that the carrying value of an intangible asset may not be recoverable based upon the existence of one or more of the above indicators of impairment and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge. The Company measures any impairment based on a projected discounted cash flow method using a discount rate determined by management to be commensurate with the risk inherent to the current business model. Significant management judgment is required in determining whether an indicator of impairment exists and in projecting cash flows. The Company did not record an impairment charge on its intangible assets during the nine months ended November 30, 2017 and 2016, respectively. Intangible assets that have finite useful lives are amortized over their useful lives once placed into service. During the period ended November 30, 2017, the Company’s website has been deployed. The Company incurred amortization expense of $140,772 and $842,106 on its intangible assets, website, for the nine months ended November 30, 2017 and 2016, respectively.

Convertible Debt Instruments

The Company records debt net of debt discount for beneficial conversion features and warrants, on a relative fair value basis. Beneficial conversion features are recorded pursuant to the Beneficial Conversion and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discount and as additional paid-in-capital. Debt discount is amortized to interest expense over the life of the debt.

Derivative Instruments

The Company enters into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain embedded derivative features. The Company accounts for these arrangements in accordance with Accounting Standards Codification topic 815, Accounting for Derivative Instruments and Hedging Activities (“ASC 815”) as well as related interpretations of this standard. In accordance with this standard, derivative instruments are recognized as either assets or liabilities in the balance sheet and are measured at fair values with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative instruments and hybrid instruments based on available market data using appropriate valuation models, considering all of the rights and obligations of each instrument.

The Company estimates fair values of derivative financial instruments using various techniques (and combinations thereof) that are considered consistent with the objective measuring fair values. In selecting the appropriate technique, the Company considers, among other factors, the nature of the instrument, the market risks that it embodies and the expected means of settlement. For less complex derivative instruments, such as freestanding warrants, the Company generally uses the Black-Scholes model, adjusted for the effect of dilution, because it embodies all of the requisite assumptions (including trading volatility, estimated terms, dilution and risk free rates) necessary to determine the fair value of these instruments. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes model) are highly volatile and sensitive to changes in the trading market price of our common stock. Since derivative financial instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility in these estimates and assumption changes. Under the terms of this accounting standard, increases in the trading price of the Company’s common stock and increases in fair value during a given financial quarter result in the application of non-cash derivative expense. Conversely, decreases in the trading price of the Company’s common stock and decreases in trading fair value during a given financial quarter result in the application of non-cash derivative income.

Based upon ASC 815-25, the Company has adopted a sequencing approach regarding the application of ASC 815-40 to its outstanding convertible debentures. Pursuant to the sequencing approach, the Company evaluates its contracts based upon earliest issuance date.

Reclassification

For comparability, certain prior year amounts have been reclassified, where appropriate, to conform to the financial statement presentation used in 2017. The reclassifications have no impact on net loss.

Earnings per Share

Basic earnings per share are computed by dividing net income or loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

Fair Value of Financial Instruments

The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1:

Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.

Level 2:

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3:

Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

Financial instruments consist principally of cash, accounts receivable, prepaid expenses, accounts payable, accrued liabilities and other current liabilities. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature. The fair value of long-term debt is based on current rates at which the Company could borrow funds with similar remaining maturities. The carrying amounts approximate fair value. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The updated standard is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, and permits early adoption a year earlier, after December 15, 2016. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases. This guidance requires an entity to recognize lease liabilities and a right-of-use asset for all leases on the balance sheet and to disclose key information about the entity’s leasing arrangements. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period, with earlier adoption permitted. ASU 2016-02 must be adopted using a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

Note 2 – Note Receivable

Current

On December 22, 2014, we advanced $15,000 to a non-related third party debtor and signed a one year, six percent (6%) promissory note in the amount of $15,000. The entire principal balance of this note was rolled into and became part of the consideration paid for the purchase of our 51% membership interest in Name Your Fee, LLC, including approximately $1,000,000 in intangible assets. Our interest in Name Your Fee, LLC was sold on May 16, 2016, to the same non-related third party, for cancellation of $45,000 in notes (including the $15,000 note described above) and a promissory note in the amount of $750,000 (see also Note 4).

On August 31, 2017, we entered into an Assignment and Novation Agreement (the “Assignment”) with Bettwork Industries, Inc. (“Bettwork”) and Crystal Falls Investments, LLC (“Crystal Falls”), which entity purchased our 51% membership interest in Name Your Fee, LLC in May 2016, in consideration for among other things, $750,000 evidenced by a Promissory Note (the “Name Your Fee Note”). Pursuant to the Assignment, the Name Your Fee Note, which had a principal balance of $750,000 as of the date of the Assignment, was assigned from Crystal Falls to Bettwork, we agreed to only look to Bettwork for the repayment of the Name Your Fee Note, Bettwork agreed to repay the Name Your Fee Note pursuant to its terms, and we provided Crystal Falls a novation of amounts owed thereunder. Crystal Falls also released us from any and all claims in connection with such Name Your Fee Note and any other claims which Crystal Falls then had. The Assignment also amended the Name Your Fee Note to include an option which allows us to convert the amount owed under the Name Your Fee Note into shares of Bettwork’s common stock at a conversion price of $1.00 per share.

Long-term

Effective on August 31, 2017, we entered into a Purchase Agreement (the “Purchase Agreement”) with Bettwork. Bettwork’s common stock is quoted on the OTC Pink market under the symbol “BETW”. Pursuant to the Purchase Agreement, we sold Bettwork:

(a)

our 71.5% membership interest in Voyages North America, LLC, a Delaware limited liability company (“Voyages”), including the voyage.tv website and 16,000 hours of destination and promotional videos;

(b)

our 10% ownership in Launch360 Media, Inc., a Nevada corporation (“Launch360”);

(c)

Rights to broadcast television commercials for 60 minutes every day on R&R TV network stations which rights remain in place until the earlier of (i) the date the shares of Launch360 are no longer held by Bettwork; and (ii) the date that Launch360 no longer has rights to broadcast television commercials on R&R TV network stations, for whatever reason; and

(d)

Our Technology Platform for Home & Away Club and supporting I.C.E. partnership (collectively (a) through (d), the “Assets”).

Bettwork agreed to pay $2.9 million for the Assets, payable in the form of a Secured Convertible Promissory Note (the “Secured Note”). The amount owed under the Secured Note accrues interest at the rate of (a) six percent per annum until the end of the last day of the month in which the sale occurred; and (b) the greater of (i) six percent per annum and (ii) the prime rate plus 3 3/4% per annum, thereafter through maturity, which maturity date is August 31, 2020, provided that the interest rate increases to twelve percent upon the occurrence of an event of default.

Bettwork may prepay the Secured Note at any time, subject to its obligation to provide us 15 days prior written notice prior to any prepayment. The Secured Note is convertible into shares of Bettwork’s common stock, at our option, subject to a 4.99% beneficial ownership limitation (which may be waived by us with at least 61 days prior written notice). The conversion price of the Secured Note is $1.00 per share (the “Conversion Price”), unless, prior to the Secured Note being paid in full, Bettwork completes a capital raise or acquisition and issues common stock or common stock equivalents (including, but not limited to convertible securities) with a price per share (as determined in our reasonable discretion) less than the Conversion Price then in effect (each a “Transaction”), at which time the Conversion Price will be adjusted to match such lower pricing structure associated with the Transaction (provided such repricing shall continue to apply to subsequent Transactions which occur prior to the Secured Note being paid in full as well).

The repayment of the Secured Note is secured by a first priority security interest in all of the Assets.

Note 3 – Investment in Equity Instruments and Deconsolidation

We assess the potential impairment of our equity method investments when indicators such as a history of operating losses, negative earnings and cash flow outlook, and the financial condition and prospects for the investee’s business segment might indicate a loss in value. We have recognized an impairment loss on investment in unconsolidated affiliate. As of November 30, 2017 and February 28, 2017, Monaker owned 44,470,101 shares of RealBiz Media Group, Inc. (RealBiz) Series A Preferred Stock and 10,359,890 shares of RealBiz common stock, notwithstanding RealBiz’s attempt in January 2017 to cancel the majority of such shares as discussed below and the pending litigation in connection therewith. This interest, along with a net receivable balance due, has been written down to zero ($0) as of November 30, 2017 and February 28, 2017 to reflect the realizable value of this investment and asset.

On November 16, 2016, RealBiz notified Monaker that the Board of Directors of RealBiz voted to cancel and retire all issued and outstanding shares of RealBiz Preferred Stock and all but 1,341,533 shares of common stock of RealBiz held by Monaker. On January 18, 2017, RealBiz unilaterally cancelled all shares of common stock of RealBiz held by Monaker. RealBiz’s announced cancellation and retirement was without Monaker’s consent, and done in violation of Delaware law, federal law and the terms of RealBiz’s preferred and common stock. We filed a complaint on November 30, 2016 (Monaker Group, Inc., f/k/a Next 1 Interactive, Inc. v. RealBiz Media Group, Inc., f/k/a Webdigs, Inc. and American Stock Transfer & Trust Company, LLC Case No.: 1:16-cv-24978-DLG), seeking damages and injunctive and declaratory relief, arising from RealBiz’s declared cancellation and retirement of the shares, which action is still pending.

On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 as settlement expense for the nine months ended September 30, 2017.

Note 4 – Acquisitions and Dispositions

On May 16, 2016, the Company entered into a Membership Interest Purchase Agreement for the sale of its 51% membership interest in Name Your Fee, LLC in exchange for a Promissory Note, maturing on May 15, 2018, in the amount of $750,000 plus the cancellation of $45,000 in existing promissory notes due from the purchaser. The Promissory Note does not accrue interest, is secured by the 51% membership interest in Name Your Fee, LLC and will be repaid through 20% of the net earnings received in NameYourFee.com through maturity. The Note contains standard and customary events of default. The principal amount of the note is due on May 15, 2018, provided that it will not be an event of default under the note unless the note is not repaid within 60 days after such maturity date (i.e., by July 14, 2018). As of November 30, 2017, the outstanding balance is $750,000.

On August 31, 2017, we entered into the Assignment described in greater detail in Note 2 above, with Bettwork and Crystal Falls, which entity purchased our 51% membership interest in Name Your Fee, LLC in May 2016, in consideration for among other things, the $750,000 Name Your Fee Note. Pursuant to the Assignment, the Name Your Fee Note, which had a principal balance of $750,000 as of the date of the Assignment, was assigned from Crystal Falls to Bettwork, we agreed to only look to Bettwork for the repayment of the Name Your Fee Note, Bettwork agreed to repay the Name Your Fee Note pursuant to its terms, and we provided Crystal Falls a novation of amounts owed thereunder. Crystal Falls also released us from any and all claims in connection with such Name Your Fee Note and any other claims which Crystal Falls then had. The Assignment also amended the Name Your Fee Note to include an option which allows us to convert the amount owed under the Name Your Fee Note into shares of Bettwork’s common stock at a conversion price of $1.00 per share.

On October 23, 2017, Monaker entered into a Platform Purchase Agreement with Exponential, Inc. (“XPO”), which offers a white-label e-commerce platform. Pursuant to the Platform Purchase Agreement, XPO agreed to provide us software development services in connection with the development of an e-commerce platform (the Monaker Booking Engine (MBE)) and related application program interfaces (APIs), and to further manage all merchant relationships sold on the platform and reporting and accounting thereof. Monaker issued XPO 500,000 shares of restricted common stock at $2.97 each share for a total acquisition of $1,485,000. Additional consideration for the issuance of the shares included Monaker becoming the exclusive provider of alternative lodging rentals (ALRs) for all travel sales on XPO’s platforms.

On November 14, 2017, Monaker entered into a Purchase Agreement with Michael Heinze, Michael Kistner and Rebecca Dernbach whereby Monaker purchased the source code owned in connection with an alternative lodging platform for $75,000 in cash and 86,957 shares of restricted common stock with a market value of $2.30 per share and an aggregate value of $200,000 for a total acquisition of $275,000. Michael Heinze, Michael Kistner and Rebecca Dernbach have the right to put the Shares back to Monaker after six months after the date of the Purchase Agreement for $125,000 in cash.

On November 21, 2017, Monaker entered into a Purchase Agreement with A-Tech LLC on behalf of its wholly-owned subsidiary Parula Village Ltd. (“A-Tech”) whereby Monaker purchased from A-Tech ownership of 12 parcels of land on Long Caye, Lighthouse Reef, Belize for 600,000 shares of restricted common stock at $2.41 each share for a total acquisition of $1,446,000 plus the accrual of $54,000 to account for the guaranteed purchase price of $1,500,000. Additionally, A-Tech agreed to construct 12 vacation rental residences on the Property within 270 days of closing of the transaction; if the vacation rental residences are not completed within the 270 days, Monaker will cancel 30,000 shares, valued at $75,000 (of the previously issued 600,000 shares of restricted common stock) for each residence not completed. In the event the average closing price of Monaker’s common stock for the 10 trading days prior to the 90^th day after the closing of the transaction is less than $2.50 per share, Monaker has the option to issue up to an additional 100,000 shares of our restricted common stock such that the value of the shares issued to A-Tech totals $1.5 million (subject to the 100,000 restricted common share maximum). In the event any encumbrances, taxes, levies, claims or liens of any kind are brought against the Property within 24 months of the closing, Monaker has the right at its sole discretion to either unwind the transaction and cancel all the shares issued to A-Tech or have A-Tech take actions to settle such claims.

Note 5 – Line of Credit and Other Notes Payable

The following table sets forth the line of credit and other notes payable as of November 30, 2017 and February 28, 2017:

	Principal
Line of Credit	November 30, 2017		February 28, 2017
On June 15, 2016, we entered into a revolving line of credit agreement with Republic Bank, Inc. of Duluth, Minnesota (“Republic”), in the maximum amount of $1,000,000. Amounts borrowed under the line of credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on July 15, 2016. Any amounts borrowed under the line of credit are originally due on June 15, 2017; however, on June 12, 2017, the line of credit was extended for 90 days through September 13, 2017. On December 22, 2016, the revolving line of credit was increased to $1,200,000; all other terms of the revolving line of credit remain unchanged. On September 15, 2017, we entered into a replacement revolving line of credit agreement with Republic, which replaced and superseded our prior line of credit with Republic originally entered into in June 2016. The Line of Credit is in an amount of up to $1.2 million, which borrowed amount is due and payable by us on September 15, 2018. Amounts borrowed under the Line of Credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on October 15, 2017. The loan contains standard and customary events of default and no financial covenants. From June 16, 2016 through November 30, 2017, we have made draws of $1,193,000 under the line of credit.		1,193,000		1,193,000
	$	1,193,000	$	1,193,000

Interest charged to operations relating to the above line of credit note was $46,510 and $39,678, respectively, for the nine months ended November 30, 2017 and 2016.

As of November 30, 2017, accrued interest is $0 and was $0 as of February 28, 2017. Interest obligations on the line of credit are current.

On July 20, 2017, we entered into a $75,000 short term demand loan with a stated interest rate of 6% per annum for funds received from In Room Retail, Inc., which is owned by William Kerby, CEO and Chairman of the Company. This demand loan was repaid on August 9, 2017.

Interest charged to operations relating to the above note was $248 and $0, respectively, for the nine months ended November 30, 2017 and 2016.

Note 6 – Convertible Promissory Notes

On August 24, 2017, and effective on August 22, 2017, we entered into a Debt Conversion and Voting Agreement with Mark A. Wilton, a significant stockholder of the Company (a greater than 5% shareholder who is treated as a related party) regarding a convertible promissory note then held by Mr. Mark Wilton. The convertible promissory note, maturing December 1, 2017, was in the amount of $0 and $1,409,326 as of November 30, 2017 and February 28, 2017, respectively, had an interest rate of 6% per annum and a fixed conversion rate if converted by Mr. Wilton of $5.00 per share, provided the Company also had the right to force conversion of the notes into common stock at a conversion price equal to 80% of the 5 day trailing average closing price of our common stock prior to conversion.

Pursuant to the Debt Conversion Agreement, we converted various promissory notes which Mr. Wilton held in the Company, which had an aggregate principal balance of $1,409,326 and were due and payable on December 17, 2017, into 704,663 shares of our restricted common stock. The conversion was undertaken pursuant to the forced conversion terms of the Wilton Notes, which allowed us to force the conversion of the Wilton Notes into common stock at a conversion price equal to 80% of the 5 day trailing average closing price of our common stock prior to conversion. Additionally, pursuant to the Debt Conversion Agreement, we agreed to pay Mr. Wilton $45,000 in cash, payable at the rate of $15,000 per month in September, October and November, 2017, and Mr. Wilton agreed (a) to vote (and provided William Kerby, our Chief Executive Officer, and any other individual who is designated by us in the future, a proxy to vote), all of the voting shares held by him, in favor of any proposals recommended by the Board of Directors of the Company, and (b) to not transfer any of the voting shares which he held, subject to certain exceptions, until the earlier of August 22, 2020 and the date we provide Mr. Wilton notice of the termination of such voting proxy. We and Mr. Wilton also provided each other general releases pursuant to the Debt Conversion Agreement.

During the nine months ended November 30, 2017 and 2016, the Company recognized interest expense of $135,000 and $150,000, respectively.

Note 7 – Deferred Gain

On August 31, 2017 we sold non-core assets for $2,900,000 (with a net book value of $0) which included our 71.5% membership interest in Voyages North America, LLC, our 10% ownership in Launch360 Media, Inc., rights to broadcast television commercials for 60 minutes every day on R&R TV network stations and our technology platform for Home & Away Club (as described in Note 2 and in greater detail below under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” – “Liquidity and Capital Resources” - “Recent Significant Funding Transactions” – “Bettwork Purchase Agreement, Secured Note and Assignment and Novation”).

The gain on the sale of the non-core assets (described above) is a deferred gain until such time as Bettwork completes its filings of current financial information with the OTC Markets and further implements its business plans and management can determine collectibility is reasonably assured.

Note 8 – Stockholders’ Equity

Preferred stock

The aggregate number of shares of preferred stock that the Company is authorized to issue is up to One Hundred Million (100,000,000), with a par value of $0.00001 per share (“the Preferred Stock”) with the exception of Series A Preferred Stock shares having a $0.01 par value. The Preferred Stock may be divided into and issued in series. The Board of Directors of the Company is authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes. The Board of Directors of the Company is authorized, within any limitations prescribed by law and the articles of incorporation, to fix and determine the designations, rights, qualifications, preferences, limitations and terms of the shares of any series of Preferred Stock.

On September 22, 2017, we filed Certificate of Withdrawal of Certificate of Designations relating to our Series B, Series C and Series D Preferred Stock and terminated the designation of our Series B, Series C and Series D Preferred Stock. The designations previously included (a) 3,000,000 shares of preferred stock designated as Non-Voting Series B 10% Cumulative Convertible Preferred Stock; (b) 3,000,000 shares of preferred stock designated as Non-Voting Series C 10% Cumulative Convertible Preferred Stock; and (c) 3,000,000 shares of preferred stock designated as Non-Voting Series D 10% Cumulative Convertible Preferred Stock. The Certificate of Withdrawal of Certificate of Designations did not affect the Company’s previously designated shares of Series A 10% Cumulative Convertible Preferred Stock.

Series A Preferred Stock

The Company has authorized and designated 3,000,000 shares of Preferred Stock as Series A 10% Cumulative Convertible Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”). The holders of record of shares of Series A Preferred Stock shall be entitled to vote on all matters submitted to a vote of the shareholders of the Company and shall be entitled to one hundred (100) votes for each share of Series A Preferred Stock.

On July 31, 2017, the Company entered into a Common Stock and Warrant Purchase Agreement, with certain accredited investors. A required term of the Common Stock and Warrant Purchase Agreement was that William Kerby, our Chief Executive Officer and Chairman and Donald P. Monaco, our Director, on behalf of themselves and the entities which they control, convert the 1,869,611 shares of Series A 10% Cumulative Convertible Preferred Stock beneficially owned by them (representing all of our then outstanding shares of Series A Preferred Stock) into 3,789,222 shares of common stock of the Company, which conversions were effective July 28, 2017.

Dividends in arrears on the outstanding Series A Preferred Stock shares totaled $1,102,066 and $1,025,233 as of July 31, 2017 (date the Series A Preferred Stock shares were converted to common stock) and February 28, 2017, respectively. These dividends will only be payable when and if declared by the Board.

The Company had 0 and 1,869,611 shares of Series A Preferred Stock issued and outstanding as of November 30, 2017 and February 28, 2017.

Common Stock

During the nine months ended November 30, 2017, the Company:

●		Sold 1,712,500 shares of common stock and 1,712,500 warrants to purchase 1,712,500 shares of common stock with an exercise price of $2 per share (“Warrants”), for gross proceeds of $3,425,000. The cost of capital was $376,567 and net proceeds were $3,023,933 in the private transactions.
●		Issued 427,300 shares of common stock, valued at $1,073,878 for stock compensation.
●		Issued 75,444 shares of common stock for $139,888 in connection with the exercise of warrants.
●		Issued 3,739,222 shares of common stock, in connection with a conversion of 1,869,611 Series A Preferred Stock shares.
●		Issued 704,663 shares of common stock, valued at $1,409,326 in connection with the conversion of a convertible note.
●		Issued 1,186,957 shares of common stock, valued at $3,131,001 in connection with the purchase of various assets.
●		Retired 167,635 shares of common stock valued at $450,945 in connection with the settlement of a financial advisory agreement. In May 2017, we entered into a settlement agreement with a financial advisory firm who was engaged to raise capital per an agreement signed in October 2016. Based upon the firm’s inability to meet any of the agreed upon milestones, the firm agreed to return all the consideration paid for the services. The Company recorded a $450,945 credit to stock compensation in May 2017 as a result of the settlement.

The Company had 18,812,389 and 11,133,938 shares of common stock issued and outstanding as of November 30, 2017 and February 28, 2017, respectively.

On July 31, 2017, the Company entered into a Common Stock and Warrant Purchase Agreement “Purchase Agreement,” with certain accredited investors named therein (collectively, the “Purchasers”). Under the terms of the Purchase Agreement, which closed on August 11, 2017, the Company sold the Purchasers 1,532,500 shares of the Company’s common stock and warrants to purchase 1,532,500 shares of common stock.

In connection with the aforementioned Common Stock and Warrant Purchase Agreement, the Company agreed that until August 11, 2018, if the Company or any subsidiary thereof issues or agrees to issue any (i) common stock or (ii) any securities of the Company or the subsidiary that would entitle the holder thereof to acquire at any time common stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time directly or indirectly convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, common stock, except for certain Exempt Issuances (defined below), entitling any person or entity to acquire shares of common stock at an effective price per share less than $2.00, within three trading days of the date thereof we are required to issue to such Purchaser additional shares of common stock based on the formula set forth in the Purchase Agreement.

In connection with the Purchase Agreement, the Company agreed to use commercially reasonable efforts to file a registration statement on Form S-1 (or Form S-3, if available) with the SEC (the “Registration Statement”) within 45 days following the closing of the offering (which date was September 25, 2017, and which Registration Statement was timely filed) to register the resale of the Shares and Warrant Shares and to cause the Registration Statement to become effective within 120 days following the closing of the offering (which date was December 9, 2017), subject to penalties as described in the Purchase Agreement. The Registration Statement was filed on September 25, 2017 and became effective on November 13, 2017, prior to the required effectiveness deadline.

Pursuant to the Purchase Agreement, we agreed that we will not, and we will ensure that our directors and officers and their affiliates will not, without the prior written consent of all Purchasers, from the date of execution of the Purchase Agreement and continuing to and including the date 90 days after the effective date of the registration statement, of which this prospectus forms a part (the “Lock-Up Period”), (A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any shares of common stock or any securities convertible into or exercisable or exchangeable for common stock or (B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the common stock, whether any such transaction described in clause (A) or (B) above is to be settled by delivery of common stock or such other securities, in cash or otherwise, however, the Company may conduct an Exempt Issuance (as defined below) without the prior written consent of all Purchasers. “Exempt Issuance” means the issuance of (a) shares of common stock or options to employees, consultants, officers or directors of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the board of directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose, (b) securities upon the exercise of or conversion of any convertible securities, options or warrants issued and outstanding on the date of the Purchase Agreement, provided that such securities have not been amended since the date of the Purchase Agreement to increase the number of such securities or to decrease the exercise or conversion price of any such securities, and (c) securities issued pursuant to acquisitions or strategic transactions, provided any such issuance shall only be to a person which is, itself or through its subsidiaries, an operating company in which the Company receives benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

Pursuant to the Purchase Agreement, we agreed that until the 12 month anniversary of the closing of the Offering, i.e., August 11, 2018, if the Company or any subsidiary thereof issues or agrees to issue any (i) common stock or (ii) any securities of the Company or the subsidiary that would entitle the holder thereof to acquire at any time common stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time directly or indirectly convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, common stock, except for the Exempt Issuances, entitling any person or entity to acquire shares of common stock at an effective price per share less than $2.00, within three trading days of the date thereof the Company is required to issue to such Purchaser additional shares of common stock based on the formula set forth in the Purchase Agreement.

The Purchase Agreement also requires the Company to apply for listing of its common stock on the NASDAQ Capital Market within 60 days following the closing of the offering (which date was October 10, 2017 and which application was submitted on October 6, 2017) and to cause the Shares to be listed on the NASDAQ no later than 120 days following closing of the offering (which date was December 9, 2017). The Company’s common stock was not approved for listing on the NASDAQ Capital Market by the deadline of December 9, 2017, and the Company is in default of this requirement. Therefore, we are required to provide each Purchaser in the offering (and the placement agent in the offering), as partial liquidated damages for such delay, additional warrants equal to each Purchaser’s (and the agent’s) pro rata share of 1% of the warrants sold in the private placement offering (i.e., 16,092 warrants), per day, to each purchaser and the agent. Such liquidated damages continue to be due, each day that we fail to comply with the requirements above, up to a maximum of 100 days. As such, we are required to issue up to an additional 1,609,125 additional warrants in the event that we are never able to obtain a listing of our common stock on the NASDAQ.

Pursuant to the liquidated damages provision of the Purchase Agreement (as discussed above), and including the warrants granted to Pacific in consideration for the liquidated damages, the Company, through January 10, 2018, has granted warrants to purchase an additional 498,831 shares of common stock to the purchasers and the placement agent in the offering, which also has the right to receive additional warrants as if it was a purchaser under the Purchase Agreement.

Common Stock Warrants

During the nine months ended November 30, 2017, the Company granted a total of 281,925 warrants for services with a fair value of $440,748. The fair value was determined using the Black Scholes option pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 2.14% (ii) estimated volatility of 674% (iii) dividend yield of 0.00%, and (iv) expected life of the warrants of 1 - 5 years.

The following table sets forth common stock purchase warrants outstanding as of November 30, 2017 and February 28, 2017, and changes in such warrants outstanding for the nine months ended November 30, 2017:

	Warrants			Weighted Average Exercise Price
Outstanding, February 28, 2017		2,020,088		$	2.24

Warrants granted		2,051,869		$	2.09
Warrants exercised/cancelled/expired		(920,372	)	$	(1.82	)
Outstanding, November 30, 2017		3,151,585		$	2.51

As of November 30, 2017, there were 3,151,585 warrants outstanding with a weighted average exercise price of $2.12 and weighted average life of 4.40 years. During the nine months ended November 30, 2017, the Company granted 2,051,869 warrants to purchase 2,051,869 shares of common stock – 281,925 warrants for consulting fees, 180,000 warrants in connection with common stock subscriptions, 57,444 extended warrants after expiration and 1,532,500 warrants in connection with a Common Stock and Warrant Purchase Agreement entered into on July 31, 2017, as described in greater detail above.

Note 9 – Related Party Transactions

Furthermore, officers and directors of the Company and their affiliates had to invest at least an aggregate of $500,000 into the Company on the same terms as the accredited investors. In connection therewith, William Kerby, the Chief Executive Officer and Chairman of the Company, purchased $50,000 of the Securities (25,000 shares of common stock and Warrants); Simon Orange, a member of the Board of Directors of the Company, purchased $175,000 of the Securities (87,500 shares of common stock and Warrants); Donald Monaco, a member of the Board of Directors of the Company, purchased $175,000 of the Securities (87,500 shares of common stock and Warrants); Pat LaVecchia, a member of the Board of Directors of the Company, purchased $10,000 of the Securities (5,000 shares of common stock and Warrants); and Robert J. Post, a member of the Board of Directors of the Company, purchased $25,000 of the Securities (12,500 shares of common stock and Warrants). Additionally, Stephen Romsdahl, a significant stockholder of the Company, purchased $50,000 of the Securities (25,000 shares of common stock and Warrants) and another non-related party, who is a key distributor of the Company, purchased $100,000 of the Securities (50,000 shares of common stock and Warrants).

On August 24, 2017, and effective on August 22, 2017, we entered into a Debt Conversion and Voting Agreement with Mark A. Wilton, a significant stockholder of the Company. Pursuant to the Debt Conversion Agreement, we converted various promissory notes which Mr. Wilton held in the Company, which had an aggregate principal balance of $1,409,326 and were due and payable on December 17, 2017, into 704,663 shares of our restricted common stock. Additionally, we agreed to pay Mr. Wilton $45,000 in cash, payable at the rate of $15,000 per month in September, October and November, 2017.

For the three months ending November 30, 2017, the Company accrued a contractual bonus of $160,000 to the Company’s Chief Operating Officer, Chief Financial Officer and Director. This amount is included in accounts payable and accrued expenses as of November 30, 2017 of $573,605.

Note 10 – Commitments and Contingencies

The Company leases its office space and certain office equipment under non-cancellable operating leases. In accordance with the terms of the office space lease agreement, the Company is renting the commercial office space, for a term of three years from January 1, 2016 through December 31, 2018. The rent for the nine months ended November 30, 2017 and 2016 was $60,555 and $59,262, respectively.

Our future minimum rental payments through February 28, 2018 amount to $66,132.

The following schedule represents obligations under written commitments on the part of the Company that are not included in liabilities:

	Current		Long Term
	February 28, 2018		February 28, 2019		February 28, 2020 and thereafter		Totals
Leases	$	20,487	$	68,959	$	—	$	89,446
Other		15,030		10,520		9,470		35,020
Totals	$	35,517	$	79,479	$	9,470	$	124,465

On July 31, 2017, the Company entered into a Common Stock and Warrant Purchase Agreement which requires the Company to apply for listing of its common stock on the NASDAQ Capital Market within 60 days following the closing of the offering (which date was October 10, 2017 and the application was submitted on October 6, 2017) and to cause the Shares to be listed on the NASDAQ no later than 120 days following closing of the offering (which date was December 9, 2017). The Company’s common stock was not approved for listing on the NASDAQ Capital Market by the deadline of December 9, 2017, and the Company is in default of this requirement. Therefore, we are required to provide each Purchaser in the offering (and the placement agent in the offering), as partial liquidated damages for such delay, additional warrants equal to each Purchaser’s (and the agent’s) pro rata share of 1% of the warrants sold in the private placement offering (i.e., 16,092 warrants), per day, to each purchaser and the agent. Such liquidated damages continue to be due, each day that we fail to comply with the requirements above, up to a maximum of 100 days. As such, we are required to issue up to an additional 1,609,125 additional warrants in the event that we are never able to obtain a listing of our common stock on the NASDAQ.

The Company is committed to pay three to six months’ severance in the case of termination or death to certain key officers.

Legal Matters

The Company is involved, from time to time, in litigation, other legal claims and proceedings involving matters associated with or incidental to our business, including, among other things, matters involving breach of contract claims, intellectual property, employment issues, and other related claims and vendor matters. The Company believes that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on our financial condition or results of operations. However, assessment of the current litigation or other legal claims could change in light of the discovery of facts not presently known to the Company or by judges, juries or other finders of fact, which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or claims.

On March 28, 2016, the Company was presented with a Demand for Arbitration, pursuant to Rule 4(a) of the American Arbitration Association Commercial Rules of Arbitration, whereby Acknew Investments, Inc. and Vice Regal Developments Inc. (Claimants) are arguing that $700,000 is due to them, even though they have already been paid said amounts through preferred shares that were issued as a guarantee and which Claimants converted into shares of common stock. In connection with the purchase of the stock of the entity that eventually became RealBiz Media Group, Inc., the Company issued 380,000 shares of Monaker Series D Preferred Stock shares with a value of $1,900,000, which was considered the $1,200,000 value of the stock portion of the purchase price, and was also meant to guaranty the payment of the balance of $700,000. The Company contends that the obligation to pay the $700,000 was extinguished with the conversion of the Monaker Series D Preferred Stock shares into shares of common stock. The date for arbitration has not been set and the Company will vehemently defend its position.

On June 2, 2016, the Company paid an arbitration award of $81,572 ($73,959 plus interest of $7,613) to Twelfth Child Entertainment, LLC for a License Agreement settlement for rights to air programs regarding “Foreclosure to Fabulous” television programming on the Company’s previously owned media business that was sold on January 21, 2016. The Company absorbed this settlement as part of its partnership commitment with Launch Media 360 which is an investment of the Company.

On December 9, 2016, a class action lawsuit McLeod v. Monaker Group, Inc. et al (Case No.: 0:16-cv-62902-WJZ)) was filed against us, William Kerby, our Chief Executive Officer and Chairman, Donald Monaco, our director, and D’Arelli Pruzansky, P.A., our former auditor, in the U.S. District Court for the Southern District of Florida on behalf of persons who purchased our common stock and exercised options between April 6, 2012 and June 23, 2016 (the “Class Period”). The lawsuit focuses on whether the Company and its executives violated federal securities laws and whether the Company’s former auditor was negligent and makes allegations regarding the activities of certain Company executives. The lawsuit alleges and estimates total shareholders losses totaling approximately $20,000,000. The lawsuit stems from the Company’s announcement in June 2016 that it would have to restate its financial statements due to issues related to the Company’s investment in RealBiz. The lawsuit asks the court to confirm the action is a proper class action. We believe the claims asserted in the lawsuit are without merit and intend to vigorously defend ourselves against the claims made in the lawsuit. The Company has no basis for determining whether there is any likelihood of material loss associated with the claims and/or the potential and/or the outcome of the litigation. On February 16, 2017, we filed a Motion to Dismiss the lawsuit and on March 3, 2017, the Court entered an order staying discovery and all other proceedings pending resolution of the Motion to Dismiss. On March 31, 2017, the plaintiffs responded to the Motion to Dismiss, and the Motion to Dismiss is still pending with the court.

On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 of settlement expense for the nine months ended November 30, 2017.

The Company is unable to determine the estimate of the probable or reasonable possible loss or range of losses arising from the above legal proceedings.

Contractual Settlement

In May 2017, we entered into a settlement with a financial advisory firm who was engaged to raise capital per an agreement signed in October 2016. Based upon the firms inability to meet any of the agreed upon milestones, the firm agreed to return all the consideration paid for the services. The Company recorded $450,945 credit to stock compensation in May 2017 as a result of the settlement.

Note 11 – Business Segment Reporting

Accounting Standards Codification 280-16 “Segment Reporting”, established standards for reporting information about operating segments in annual consolidated financial statements and required selected information about operating segments in interim financial reports issued to stockholders. It also established standards for related disclosures about products, services, and geographic areas. Operating segments are defined as components of the enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance.

The Company has one operating segment consisting of various products and services related to its online marketplace of travel and related logistics including destination tours / activities, accommodation rental listings, hotel listings, air and car rental. The Company’s chief operating decision maker is considered to be the Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the single operating segment level.

Note 12 – Subsequent Events

On December 11, 2017, we issued 2,000 shares of common stock, valued at $5,000, as payment for services rendered to a consultant.

On December 12, 2017, we received $105,000 from Monaco Investment Partners II, LP, whose managing general partner is Donald Monaco a director of the Company and issued 52,500 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.

On December 14, 2017, we issued 20,000 shares of common stock to a consultant, valued at $45,800, as payment for marketing and investor relations services agreed to be rendered for a period of six months pursuant to the terms of an agreement.

On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 of settlement expense for the nine months ended November 30, 2017.

On January 10, 2018, pursuant to the liquidated damages provision of the Purchase Agreement (as discussed above), and including the warrants granted to Pacific in consideration for the liquidated damages, the Company entered into a First Amendment To Warrant (Amendment) agreement with Pacific Grove Capital LP (Pacific) which amended the Common Stock and Warrant Purchase Agreement (Purchase Agreement), entered into on July 31, 2017 through which Pacific acquired warrants to purchase 875,000 shares of our common stock. Through January 10, 2018, Pacific earned additional warrants to purchase 271,250 shares of our common as partial liquidated damages for delays in obtaining an uplisting to the NASDAQ Capital Market, which uplisting was required pursuant to the Purchase Agreement, to have occurred on or before December 9, 2017; these additional warrants (on substantially similar terms as the warrants granted in connection with the offering) are equal to Pacific’s pro rata share of 1% of the warrants sold pursuant to the Purchase Agreement for each day that the Company failed to obtain the NASDAQ listing (the “Liquidated Damages”). Total warrants held by Pacific as of January 10, 2018 were 1,146,250. We desired to incentivize Pacific to exercise the Warrants by reducing the exercise price of the warrants from $2.10 per share to $1.05 per share, provided that Pacific agreed to immediately exercise such 1,146,250 warrants for $1,203,563 in cash. Pursuant to the Amendment, the exercise price of the warrants was reduced as discussed above and Pacific exercised the warrants in cash. The Company will record the incentive at the time of modification.

On January 12, 2018, we received the $1,203,563 exercise price of the Pacific warrants and issued 1,146,250 shares of common stock to Pacific.

On January 12, 2018, we received $95,000 from Monaco Investment Partners II, LP, whose managing general partner is Donald Monaco a director of the Company, and issued 47,500 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.

On January 12, 2018, we received $130,200 in proceeds from Donald P Monaco Insurance Trust, whose trustee is Donald Monaco a director of the Company, and issued 62,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.10 per share.

On January 16, 2018, we received $200,000 in proceeds from Charcoal Investments, Ltd., whose trustee is Simon Orange a director of the Company, and issued 100,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.

On January 12, 2018, we received $10,500 in proceeds from William Kerby, Chief Executive Officer and Chairman of the Board of Directors of the Company, and issued 5,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.10 per share.

The Purchase Agreement includes certain liquidated damage provisions which require the Company to grant to the purchasers who purchased securities pursuant to the Purchase Agreement (the “Purchasers”), as partial liquidated damages for any delay in obtaining an uplisting to the NASDAQ Capital Market (“NASDAQ”), which uplisting was required to have occurred, pursuant to the Purchase Agreement, on or before December 9, 2017 (the “Required Uplisting Date”), additional warrants (on substantially similar terms as the warrants granted pursuant to the Purchase Agreement) equal to each Purchaser’s pro rata share of 1% of the warrants sold pursuant to the Purchase Agreement, for each day that the Company fails to uplist its common stock to NASDAQ after the Required Uplisting Date. A total of up to 100% of the warrants sold pursuant to the Purchase Agreement may be issued to the Purchasers as Liquidated Damages.

Pursuant to the Liquidated Damages provision of the Purchase Agreement (as discussed above), and including the warrants granted to Pacific in consideration for the Liquidated Damages, the Company, through January 10, 2018, has granted warrants to purchase an additional 498,831 shares of common stock to the Purchasers and the placement agent in the offering, which also has the right to receive additional warrants as if it was a Purchaser under the Purchase Agreement.

Additionally, as a result of the reduction in the exercise price of the Pacific warrants which was agreed to pursuant to the Amendment, the anti-dilution provisions of the Purchase Agreement and the Purchaser warrants was triggered. Specifically, because the Company issued shares of common stock below (a) the $2.00 price per share of the securities sold pursuant to the Purchase Agreement, the Purchasers are due an additional 36,142 shares of the Company’s common stock; and (b) the $2.10 exercise price of the warrants sold pursuant to the Purchase Agreement (and the warrants granted to the placement agent), the exercise price of such warrants automatically decreased to $2.05 per share as a result of such anti-dilution.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward Looking Statements

The following discussion should be read in conjunction with the attached consolidated unaudited financial statements and notes thereto, and our consolidated audited financial statements and related notes for our fiscal year ended February 28, 2017, found in our Annual Report on Form 10-K. In addition to historical information, the following discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Where possible, we have tried to identify these forward looking statements by using words such as “anticipate,” “believe,” “intends,” or similar expressions. Our actual results could differ materially from those anticipated by the forward-looking statements due to important factors and risks including, but not limited to, those set forth in our Annual Report on Form 10-K.

This Report contains statements that we believe are, or may be considered to be, “forward-looking statements”. All statements other than statements of historical fact included in this Report regarding the prospects of our industry or our prospects, plans, financial position or business strategy, may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “project,” “anticipate,” “believe,” “plans,” “forecasts,” “continue” or “could” or the negatives of these terms or variations of them or similar terms. Furthermore, such forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission or press releases or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements contained herein, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this Report.

You should read the matters described in “Risk Factors” and the other cautionary statements made in this Report, and incorporated by reference herein, as being applicable to all related forward-looking statements wherever they appear in this Report. We cannot assure you that the forward-looking statements in this Report will prove to be accurate and therefore prospective investors are encouraged not to place undue reliance on forward-looking statements.

Critical Accounting Policies and Estimates

The discussion and analysis of the Company’s financial condition and results of operations are based upon its consolidated unaudited financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these unaudited financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an on-going basis, management evaluates past judgments and estimates, including those related to bad debts, accrued liabilities, convertible promissory notes and contingencies. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The accounting policies and related risks described in the Company’s annual report on Form 10-K as filed with the Securities and Exchange Commission on May 8, 2017 are those that depend most heavily on these judgments and estimates. As of November 30, 2017, there had been no material changes to any of the critical accounting policies contained therein.

Definitions:

Unless the context requires otherwise, references to the “Company,” “we,” “us,” “our,” “Monaker” and “Monaker Group, Inc.” refer specifically to Monaker Group, Inc. and its consolidated subsidiaries including Extraordinary Vacations USA, Inc. (100% interest), NextTrip Holdings, Inc. (100% interest) and Voyages North America, LLC (72.5% interest sold on August 31, 2017).

In addition, unless the context otherwise requires and for the purposes of this report only:

	●	“Exchange Act” refers to the Securities Exchange Act of 1934, as amended;
	●	“SEC” or the “Commission” refers to the United States Securities and Exchange Commission; and
	●	“Securities Act” refers to the Securities Act of 1933, as amended.

This information should be read in conjunction with the interim unaudited financial statements and the notes thereto included in this Quarterly Report on Form 10-Q, and the unaudited financial statements and notes thereto and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended February 28, 2017.

Certain capitalized terms used below and otherwise defined below, have the meanings given to such terms in the footnotes to our consolidated financial statements included above under “Part I - Financial Information” - “Item 1. Financial Statements”.

In this Quarterly Report on Form 10-Q, we may rely on and refer to information regarding the market for our products and services in general from market research reports, analyst reports and other publicly available information. Although we believe that this information is reliable, we cannot guarantee the accuracy and completeness of this information, and we have not independently verified any of it.

Overview

We provide a vacation rental platform with auxiliary services so travelers can purchase vacations through our websites that include NextTrip.com, Maupintour.com and EXVG.com and through distributors of the Company’s ALRs, while providing inquiries and bookings to property owners and managers. NextTrip serves three major constituents: (1) property owners and managers, (2) travelers, and (3) other distributors. Property owners and managers provide detailed listings of their properties to the Company with the goal of reaching a broad audience of travelers seeking ALRs. The property owners and managers provide us their properties, at a preferential net rate for each booking and, in return, their properties are listed for free as an available ALR on NextTrip.com (as well as other distributors of the Company’s ALRs). Travelers visit NextTrip.com (as well as other distributors of the Company’s ALRs) and are able to search and compare our large and detailed inventory of listings to find ALRs meeting their needs.

Monaker is a technology driven travel company with ALR products as its distinguishing niche. The ALRs are owned and leased by third parties and are available to rent through Monaker’s websites as well as other distributors of Monaker’s ALRs. Monaker’s services include critical elements such as technology, trusted brands and established partnerships that enhance product offerings and reach. Monaker has video content, key industry relationships and a prestigious Travel Brand as cornerstones for the development and planned deployment of core-technology on both proprietary and partnership platforms.

Summary

Monaker sells travel services to leisure and corporate customers around the world. The primary focus is on providing ALR options as well as providing schedule, pricing and availability information for booking reservations for airlines, hotels, rental cars, cruises and other travel products such as sightseeing tours, show and event tickets and theme park passes. The Company sells these travel services individually as well as components of dynamically-assembled packaged travel vacations and trips. In addition, the Company provides proprietary videos that present travelers with information about travel destinations, maps and other travel details. In May 2017, the Company introduced its new Travel Platform under the NextTrip brand. This platform continues to be improved with a focus on maximizing the consumer’s experience and assisting them in the decision and purchasing process.

The platform is a combination of proprietary and licensed technology (described below) that connects and searches large travel suppliers of alternative lodging inventories which allow consumers the ability to choose from comprehensive and optimal alternatives.

Additional holdings include an interest in RealBiz Media Group, Inc. (“RealBiz”) of 44,470,101 RealBiz Series A Preferred Stock shares and 10,359,890 shares of RealBiz common stock which was deconsolidated on October 31, 2014 and written off as of February 29, 2016 as an unrealizable investment.

On October 31, 2014, RealBiz was deconsolidated from the Company as the Company’s interest in RealBiz had fallen from 61% to 43% and, as of November 30, 2017, the interest in RealBiz is represented by 44,470,101 RealBiz Series A Preferred Stock shares and 10,359,890 shares of RealBiz common stock, notwithstanding RealBiz’s attempt in January 2017 to cancel the majority of such shares as discussed below and the previous litigation in connection therewith. The shares have been written down to zero ($0) as of November 30, 2017 and February 28, 2017, to reflect the realizable value of this investment and asset. These entities’ accounts are no longer consolidated in the accompanying financial statements because we no longer have a controlling financial interest. All inter-company balances and transactions have been eliminated.

On November 16, 2016, RealBiz notified Monaker that the Board of Directors of RealBiz voted to unilaterally cancel and retire all issued and outstanding shares of RealBiz Preferred Stock and all but 1,341,533 shares of common stock of RealBiz held by Monaker, which were cancelled in January 2017. RealBiz’s announced cancellation and retirement was without Monaker’s consent, and done in violation of Delaware law, federal law and the terms of RealBiz’s preferred and common stock. We filed a complaint on November 30, 2016 (Monaker Group, Inc., f/k/a Next 1 Interactive, Inc. v. RealBiz Media Group, Inc., f/k/a Webdigs, Inc. and American Stock Transfer & Trust Company, LLC Case No.: 1:16-cv-24978-DLG), seeking damages and injunctive and declaratory relief, arising from RealBiz’s declared cancellation and retirement of the shares.

On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 of settlement expense for the nine months ended November 30, 2017.

The Company is a Nevada corporation headquartered in Weston, Florida.

RESULTS OF OPERATIONS

For the Three Months Ended November 30, 2017 Compared to the Three Months Ended November 30, 2016

Revenues

Our total revenues increased 40% to $142,063 for the three months ended November 30, 2017, compared to $101,477 for the three months ended November 30, 2016, an increase of $40,586. The increase in sales is mainly due to an increase in the amount of travel trips being fulfilled for our luxury tour operations in the fall months. The Company has focused its efforts and resources on completing its platforms for alternative lodging products and has not budgeted marketing funds for revenue growth until integrations with significant suppliers have been completed and the NextTrip.com platform is performing at its optimal level with the integration of all properties and products. As of November 30, 2017, the NextTrip.com website has been launched provided that marketing efforts for both NextTrip.com and tour operations have not commenced.

Operating Expenses

Our operating expenses include salaries and benefits, general and administrative expenses, costs of revenues, technology and development, as well as selling and promotions expenses.

Our operating expenses decreased 9% to $1,927,516 for the three months ended November 30, 2017, compared to $2,112,409 for the three months ended November 30, 2016, a decrease of $184,893. This decrease was mainly attributable to a (i) decrease in general and administrative expenses of $377,461 or 49%, to $400,061 for the three months ended November 30, 2017, compared to $777,522 for the three months ended November 30, 2016, mainly due to decreases in investor relations consulting fees and professional fees including legal fees associated with our litigation with RealBiz, (ii) decrease in stock-based compensation of $145,044 or 19%, to $603,418 for the three months ended November 30, 2017, compared to $748,462 for the three months ended November 30, 2016, due to the decrease in the number of consultants who were issued stock-based compensation, and (iii) decrease in selling and promotions expense of $100,241 or 73%, to $37,032 for the three months ended November 30, 2017, compared to $137,273 for the three months ended November 30, 2016, due to a reduction in marketing initiatives which have been postponed until the NextTrip platform is performing at its optimal level with the integration of all properties and products. These aforementioned decreases were offset by an (i) increase in salaries and benefits of $154,499 or 44%, to $505,427 for the three months ended November 30, 2017, compared to $350,928 for the three months ended November 30, 2016, due to the accrual of contractual bonuses of $160,000 to the Company’s Chief Operating Officer, Chief Financial Officer and Director, and (ii) increase in technology and development expenses, which increased $269,520, to $269,520 compared to $0 for the three months ended November 30, 2016, as our platform became active in May 2017 and related costs were expensed thereafter.

Other Income (Expenses)

Our other income (expenses) includes gain on sale of investments, interest income, other income, interest expense, gain (loss) on extinguishment of debt and loss on legal settlement.

Our total other expense decreased to $15,856 for the three months ended November 30, 2017, compared to total other expenses of $235,062 for the three months ended November 30, 2016, a decrease of $219,206. The decrease is mainly attributable to a decrease in loss on investment which decreased to $0 for the three months ended November 30, 2017, compared to $168,500 for the three months ended November 30, 2016 and a decrease of $50,275 in interest expense to $16,006 for the three months ended November 30, 2017, compared to $66,281 for the three months ended November 30, 2016.

Net Loss

We had a net loss of $1,801,309 for the three months ended November 30, 2017, compared to a net loss of $2,245,994 for the three months ended November 30, 2016, a decrease in net loss of $444,685 or 20% from the prior period. The decrease in net loss was primarily due to decreases of (i) $377,461 in general and administrative expenses, (ii) $145,044 in stock based compensation and (iii) $100,241 in selling and promotion expenses along with the $40,586 increase in revenues which were offset by increases of $154,499 in salaries and benefits and $269,520 in technology and development expenses as described in greater detail above.

For the Nine Months Ended November 30, 2017 Compared to the Nine Months Ended November 30, 2016

Revenues

Our total revenues increased 10% to $410,907 for the nine months ended November 30, 2017 compared to $373,346 for the nine months ended November 30, 2016, an increase of $37,561. The increase in sales is mainly due to an increase in the amount of travel trips being fulfilled for our luxury tour operations in the fall months. The Company has focused its efforts and resources on completing its platforms for alternative lodging products and has not budgeted marketing funds for revenue growth until integrations with significant suppliers have been completed and the NextTrip.com platform is performing at its optimal level with the integration of all properties and products; as of November 30, 2017, the NextTrip.com website has been launched provided that marketing efforts for both NextTrip.com and tour operations have not commenced.

Operating Expenses

Our operating expenses include salaries and benefits, general and administrative expenses, costs of revenues, technology and development, as well as selling and promotions expenses.

Our operating expenses decreased 1% to $4,530,007 for the nine months ended November 30, 2017, compared to $4,556,198 for the nine months ended November 30, 2016, a decrease of $26,191. This decrease was mainly attributable to a (i) decrease in general and administrative expenses of $767,569 or 41%, to $1,115,881 for the nine months ended November 30, 2017, compared to $1,883,450 for the nine months ended November 30, 2016, due to decreases in investor relations consulting fees and professional fees including legal fees associated with our litigation with RealBiz, and (ii) decrease in selling and promotions expense of $101,087 or 61%, to $65,634 for the nine months ended November 30, 2017, compared to $166,721 for the nine months ended November 30, 2016, due to a reduction in marketing initiatives which have been postponed until the NextTrip platform is performing at its optimal level with the integration of all properties and products. These aforementioned decreases were offset by an (i) increase in salaries and benefits of $268,271 or 22%, to $1,510,880 for the nine months ended November 30, 2017, compared to $1,242,609 for the nine months ended November 30, 2016, due to the accrual of contractual bonuses of $160,000 to the Company’s Chief Operating Officer, Chief Financial Officer and Director, and (ii) increase in technology and development expenses, which increased $587,816, to $587,816 compared to $0 for the nine months ended November 30, 2016, as our platform became active in May 2017 and related costs were expensed thereafter.

Other Income (Expenses)

Our other income (expenses) includes gain on sale of investments, interest income, other income, interest expense, gain (loss) on extinguishment of debt and loss on legal settlement.

Our total other expense increased 93% to $181,360 for the nine months ended November 30, 2017, compared to total other expense of $96,109 for the nine months ended November 30, 2016, an increase of $85,251. The increase is mainly attributable to (i) a decrease in the gain on sales of investment which decreased to $0 for the nine months ended November 30, 2017, compared to $245,958 for the nine months ended November 30, 2016 which was in connection with the sale of the 51% membership interest in Name Your Fee, LLC and, (ii) a decrease in gain on extinguishment of debt, which decreased to $0 for the nine months ended November 30, 2017, compared to $97,943 for the nine months ended November 30, 2016. Gain on extinguishment of debt was in connection with the settlement of outstanding debts for discounted amounts which were offset by honoring debt obligations related to an entity (Next 1 Network, Inc.) that was sold in January 2016. These aforementioned increases were offset by (i) a decrease in loss on investment which decreased to $0 for the nine months ended November 30, 2017, compared to $168,500 for nine months ended November 30, 2016, (ii) a decrease in interest expense which decreased 4% to $181,510 for the nine months ended November 30, 2017, compared to $189,678 for nine months ended November 30, 2016, which decrease was due primarily to the conversion, in August 2016, of a promissory note to equity that was outstanding as of November 2016, (iii) an increase of interest income to $150 for the nine months ended November 30, 2017, compared to $0 for nine months ended November 30, 2016, due to the earnings in the escrow account related to the Common Stock and Warrant Purchase Agreement of July 31, 2017 and, (iv) the decrease in loss on legal settlements to $0 for the nine months ended November 30, 2017, compared to $81,832 for the nine months ended November 30, 2016, due to the payment of an arbitration award on June 2, 2016.

Net Loss

We had a net loss of $4,300,460 for the nine months ended November 30, 2017, compared to a net loss of $4,278,961 for the nine months ended November 30, 2016, an increase in net loss of $21,499 or 1% from the prior period. The decrease in net loss was primarily due to a decrease in general and administrative expenses of $767,569 which was offset by an increase in technology and development expenses of $587,816 and an increase in salaries and benefits of $268,271, as described in greater detail above.

Contractual Obligations

The following schedule represents obligations under written commitments on the part of the Company that are not included in liabilities:

	Current		Long Term
	February 28, 2018		February 28, 2019		February 28, 2020 and thereafter		Totals
Leases	$	20,487	$	68,959	$	—	$	89,446
Other		15,030		10,520		9,470		35,020
Totals	$	35,517	$	79,479	$	9,470	$	124,465

The Company is committed to pay three to six months’ severance in the case of termination or death to certain key officers.

Liquidity and Capital Resources

As of November 30, 2017, we had $895,518 of cash on-hand, a decrease of $111,547 compared to the $1,007,065 of cash on hand we had at the start of fiscal 2018. The decrease in cash was due primarily to the payment of operating expenses and website development costs during the nine months ended November 30, 2017, which were offset by the funds raised on August 11, 2017, through a Common Stock and Warrant Purchase Agreement (as described below under “Recent Significant Funding Transactions” – “Private Placement Offering”).

As of November 30, 2017, we had total current liabilities of $1,785,953, consisting of a line of credit facility of $1,193,000 from Republic Bank, accounts payable and accrued expenses of $573,605, and other current liabilities of $19,348.

We had negative working capital of $117,357 as of November 30, 2017 and an accumulated deficit of $104,960,092.

Net cash used in operating activities was $3,045,319 for the nine months ended November 30, 2017, compared to $2,870,269 for the nine months ended November 30, 2016, an increase of $175,050. This increase was primarily due to the payment in cash of general and administrative expenses as well as technology and development expenses. In May 2017, we entered into a settlement agreement with a financial advisory firm who was engaged to raise capital per an agreement signed in October 2016. Based upon the firm’s inability to meet any of the agreed upon milestones, the firm agreed to return all the consideration paid for the services. The Company recorded a $450,945 credit to stock compensation in May 2017 as a result of the settlement.

Net cash used in investing activities was $245,049 and $630,864 for the nine months ended November 30, 2017 and 2016, respectively which was primarily the result of capitalized website development costs.

Net cash provided by financing activities decreased $287,020 to $3,178,821 for the nine months ended November 30, 2017, compared to $3,465,841, for the nine months ended November 30, 2016. Net cash provided by financing activities for the nine months ended November 30, 2017, was primarily due to proceeds from the issuance of common stock and warrants and the exercise of warrants of $3,023,933, net of expenses, which amount includes the proceeds received in connection with the closing of the transactions contemplated by the Common Stock and Warrant Purchase Agreement (as described below under “Recent Significant Funding Transactions” – “Private Placement Offering”).

The growth and development of our business will require a significant amount of additional working capital, provided that we currently believe that the funds raised in the July/August private placement offering described below, together with the warrants exercised in January 2018 and the revenues we anticipate receiving beginning at the end of March 2018, will be adequate to allow us to be self-sufficient and that we will not need to raise any additional funding in the near term to support our operations. Notwithstanding the above, in the event we need to raise additional funding in the future, such funding may not be available on terms that are acceptable to us and/or may have a dilutive effect on our existing stockholders.

We are a technology driven travel and logistics company with alternative lodging rental inventory. Our inventory consists of ALRs owned and leased by third parties which are available to rent through our websites. Core to the Company’s services are key elements including technology, an extensive film library, media distribution, trusted brands and established partnerships that enhance product offerings and reach. We believe that consumers are quickly adopting video for researching and educating themselves prior to purchases, and we have carefully amassed video content, media distribution, key industry relationships and a prestigious Travel Brand as cornerstones for the development and planned deployment of core-technology on both proprietary and partnership platforms.

We are subject to all the substantial risks inherent in the development of a new business enterprise within an extremely competitive industry. Due to the absence of a long standing operating history and the emerging nature of the markets in which we compete, we anticipate operating losses until we can successfully implement our business strategy, which includes all associated revenue streams. Our revenue model is new and evolving, and we cannot be certain that it will be successful. The potential profitability of this business model is unproven. We may never ever achieve profitable operations or generate significant revenues. Our future operating results depend on many factors, including demand for our products, the level of competition, and the ability of our officers to manage our business and growth. As a result of the emerging nature of the market in which we compete, we may incur operating losses until such time as we can develop a substantial and stable revenue base. Additional development expenses may delay or negatively impact the ability of the Company to generate profits. Accordingly, we cannot assure you that our business model will be successful or that we can sustain revenue growth, achieve or sustain profitability, or continue as a going concern.

We currently have a monthly cash requirement of approximately $180,000, exclusive of capital expenditures. We believe that in the aggregate, we could require several millions of dollars to support and expand the marketing and development of our travel products, repay debt obligations, provide capital expenditures for additional equipment and development costs, payment obligations, office space and systems for managing the business, and cover other operating costs until our planned revenue streams from travel products are fully-implemented and begin to offset our operating costs. As described above, we believe that we have sufficient capital to support our operations with the funds raised in the July/August 2017 private placement offering, described below, together with the warrants exercised in January 2018 and expected revenues which we anticipate generating at the end of March 2018. Notwithstanding the above, if we require additional funding in the future and we are unable to obtain additional funding on acceptable terms, or at all, it will negatively impact our business, financial condition and liquidity. As of November 30, 2017 and February 28, 2017, we had $1,785,953 and $3,018,467, respectively, of current liabilities.

Since our inception, we have funded our operations with the proceeds from the private equity financings. Currently, revenues provide less than 10% of our cash requirements. Our remaining cash needs are derived from debt and equity raises.

Recent Significant Funding Transactions

Private Placement Offering

On August 11, 2017, the Company closed the transactions contemplated by the Common Stock and Warrant Purchase Agreement, entered into by the Company on July 31, 2017 (the “Purchase Agreement”), with certain accredited investors named therein (collectively, the “Purchasers”). Under the terms of the Purchase Agreement, the Company sold the Purchasers an aggregate of 1,532,500 shares of our common stock (the “Shares”) and 1,532,500 warrants to purchase one share of common stock (the “Offering Warrants” and together with the Shares, the “Securities”). The combined purchase price for one Share and one Offering Warrant to purchase one share of common stock in the Private Placement offering was $2.00.

Pursuant to a Placement Agency Agreement (the “Agent Agreement”) entered into with Northland Securities, Inc. (the “Agent”) on July 31, 2017, in connection with the offering, the Agent served as the Company’s exclusive placement agent for the offering. In consideration therewith, we paid the Agent 8% of the gross proceeds from the sale of the Securities ($245,200) and, for the consideration of $50, sold the Agent a warrant to purchase shares of common stock equal to 5% of the shares sold in the offering (i.e., warrants to purchase 76,625 shares of common stock)(the “Agent Warrants” and collectively with the Offering Warrants, the “Warrants”). The Company also agreed to reimburse up to $150,000 of the expenses of the Agent in connection with the offering. The Placement Agreement includes customary representations and warranties and includes indemnification rights of the Agent. The Agent is also entitled to the registration rights and liquidated damages associated therewith which the Purchasers have pursuant to the Purchase Agreement.

William Kerby, the Chief Executive Officer and Chairman of the Company, purchased $50,000 of the Securities (25,000 Shares and Offering Warrants); Simon Orange, a member of the Board of Directors of the Company, purchased $175,000 of the Securities (87,500 Shares and Offering Warrants); Donald Monaco, a member of the Board of Directors of the Company, purchased $175,000 of the Securities (87,500 Shares and Offering Warrants); Pat LaVecchia, a member of the Board of Directors of the Company, purchased $10,000 of the Securities (5,000 Shares and Offering Warrants); and Robert J. Post, a member of the Board of Directors of the Company, purchased $25,000 of the Securities (12,500 Shares and Offering Warrants). Additionally, Stephen Romsdahl, a significant stockholder of the Company, purchased $50,000 of the Securities (25,000 Shares and Offering Warrants) and another non-related party, who is a key distributor of the Company, purchased $100,000 of the Securities (50,000 Shares and Offering Warrants).

The exercise price of the Warrants is $2.10 per share, subject to adjustment as provided therein, and the Warrants are exercisable beginning on July 31, 2017 through July 30, 2022. The exercise price and number of shares of common stock issuable upon the exercise of the Warrants are subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, and will also be subject to anti-dilution adjustments in the event the Company issues or is deemed to have issued any securities below the then exercise price of the Warrants, subject to certain exceptions (i.e., the Exempt Issuances, described below), during the 12 months following the closing date, each as described in greater detail in the Warrants. If after February 11, 2018, a registration statement covering the issuance or resale of the shares of common stock issuable upon exercise of the Warrants (the “Warrant Shares”) is not available for the issuance or resale, as applicable, the Purchasers and the Agent, may exercise the Warrants by means of a “cashless exercise.”

Pursuant to the Purchase Agreement, we agreed that until the 12 month anniversary of the closing of the offering, i.e., August 11, 2018, if the Company or any subsidiary thereof issues or agrees to issue any (i) common stock or (ii) any securities of the Company or the subsidiary that would entitle the holder thereof to acquire at any time common stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time directly or indirectly convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, common stock, except for the Exempt Issuances, entitling any person or entity to acquire shares of common stock at an effective price per share less than $2.00, within three trading days of the date thereof the Company is required to issue to such Purchaser additional shares of common stock based on the formula set forth in the Purchase Agreement.

Pursuant to the terms of the Purchase Agreement, the Company agreed to use commercially reasonable efforts to file a registration statement on Form S-1 (or Form S-3, if available) with the SEC (the “Registration Statement”) within 45 days following the closing of the offering (which date was September 25, 2017, and which Registration Statement was timely filed) to register the resale of the Shares and Warrant Shares and to cause the Registration Statement to become effective within 120 days following the closing of the offering (which date was December 9, 2017), subject to penalties as described in the Purchase Agreement.

The aggregate net proceeds from the offering, after deducting the placement agent’s fees payable in cash (described above) and other estimated offering expenses, were approximately $2.7 million. The Company intends to use the aggregate net proceeds to expand its technology division, increase its alternative lodging rental count, and general corporate purposes.

A required term of the offering was that William Kerby, our Chief Executive Officer and Chairman, and Donald P. Monaco, our Director, on behalf of themselves and the entities which they control, convert 1,869,611 shares of Series A 10% Cumulative Convertible Preferred Stock (“Series A Preferred Stock”) beneficially owned by them into 3,789,222 shares of common stock of the Company, which conversion occurred shortly after the closing of the offering. As a result of the conversion, we no longer have any outstanding shares of preferred stock.

As additional consideration for Pacific Grove Capital LP (“Pacific Grove”), agreeing to participate in the offering as a Purchaser, the Company entered into a Board Representation Agreement with Pacific Grove. Pursuant to the Board Representation Agreement, Pacific Grove will be granted the right to designate one person to be nominated for election to the Company’s Board of Directors so long as (i) Pacific Grove together with its affiliates beneficially owns at least 4.99% of the Company’s common stock, or (ii) Pacific Grove together with its affiliates beneficially owns at least 75% of the Securities purchased in the offering. Notwithstanding its rights under the Board Representation Agreement, Pacific Grove has not provided us notice of any nominees for appointment to the Board of Directors to date.

Wilton Debt Conversion and Voting Agreement

On August 24, 2017, and effective on August 22, 2017, we entered into a Debt Conversion and Voting Agreement with Mark A. Wilton, a significant stockholder of the Company (the “Debt Conversion Agreement”). Pursuant to the Debt Conversion Agreement, we converted various promissory notes which Mr. Wilton held in the Company, which had an aggregate principal balance of $1,409,326 and were due and payable on December 17, 2017 (the “Wilton Notes”), into 704,663 shares of our restricted common stock. The conversion was undertaken pursuant to the forced conversion terms of the Wilton Notes, which allowed us to force the conversion of the Wilton Notes into common stock at a conversion price equal to 80% of the 5 day trailing average closing price of our common stock prior to conversion. Additionally, pursuant to the Debt Conversion Agreement, we agreed to pay Mr. Wilton $45,000 in cash, payable at the rate of $15,000 per month in September, October and November, 2017, and Mr. Wilton agreed (a) to vote (and provided William Kerby, our Chief Executive Officer, and any other individual who is designated by us in the future, a proxy to vote), all of the voting shares held by him, in favor of any proposals recommended by the Board of Directors of the Company; and (b) to not transfer any of the voting shares which he held, subject to certain exceptions, until the earlier of August 22, 2020 and the date we provide Mr. Wilton notice of the termination of such voting proxy. We and Mr. Wilton also provided each other general releases pursuant to the Debt Conversion Agreement.

Bettwork Purchase Agreement, Secured Note and Assignment and Novation

Effective on August 31, 2017, we entered into a Purchase Agreement (the “Purchase Agreement”) with Bettwork Industries, Inc. (“Bettwork”). Bettwork’s common stock is quoted on the OTC Pink market under the symbol “BETW”.

Pursuant to the Purchase Agreement, we sold Bettwork:

our 10% ownership in Launch360 Media, Inc., a Nevada corporation (“Launch360”);

Our Technology Platform for Home & Away Club and supporting I.C.E. partnership (collectively (a) through (d), the “Assets”).

The repayment of the Secured Note is secured by a first priority security interest in all of the Assets.

Bettwork and Crystal Falls Investments, LLC Assignment and Novation Agreement

Separate from the Purchase Agreement, on August 31, 2017, we entered into an Assignment and Novation Agreement (the “Assignment”) with Bettwork and Crystal Falls Investments, LLC (“Crystal Falls”), which entity purchased our 51% membership interest in Name Your Fee, LLC in May 2016, in consideration for among other things, $750,000 evidenced by a Promissory Note (the “Name Your Fee Note”). Pursuant to the Assignment, the Name Your Fee Note, which had a principal balance of $750,000 as of the date of the Assignment, was assigned from Crystal Falls to Bettwork, we agreed to only look to Bettwork for the repayment of the Name Your Fee Note, Bettwork agreed to repay the Name Your Fee Note pursuant to its terms, and we provided Crystal Falls a novation of amounts owed thereunder. Crystal Falls also released us from any and all claims in connection with such Name Your Fee Note and any other claims which Crystal Falls then had. The Assignment also amended the Name Your Fee Note to include an option which allows us to convert the amount owed under the Name Your Fee Note into shares of Bettwork’s common stock at a conversion price of $1.00 per share.

Replacement of Republic Bank Revolving Line of Credit

On September 15, 2017, we entered into a replacement revolving line of credit agreement with Republic Bank, Inc. of Duluth, Minnesota (“Republic”), which replaced and superseded our prior line of credit with Republic originally entered into in June 2016 and amended from time to time. The line of credit is in an amount of up to $1.2 million, which borrowed amount is due and payable by us on September 15, 2018 (previously the amounts due under the line of credit were due on September 13, 2017). Amounts borrowed under the line of credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on October 15, 2017. The loan contains standard and customary events of default and no financial covenants. From June 16, 2016 through November 30, 2017, we have made draws of $1,193,000 under the line of credit.

First Amendment to Warrant

On January 10, 2018, we entered into a First Amendment To Warrant (Amendment) agreement with Pacific Grove Capital LP (Pacific) which amended the Common Stock and Warrant Purchase Agreement (Purchase Agreement), entered into on July 31, 2017 through which Pacific acquired warrants to purchase 875,000 shares of our common stock. Through January 10, 2018, Pacific earned additional warrants to purchase 271,250 shares of our common as partial liquidated damages for delays in obtaining an uplisting to the NASDAQ Capital Market, which uplisting was required pursuant to the Purchase Agreement, to have occurred on or before December 9, 2017; these additional warrants (on substantially similar terms as the warrants granted in connection with the offering) are equal to Pacific’s pro rata share of 1% of the warrants sold pursuant to the Purchase Agreement for each day that the Company failed to obtain the NASDAQ listing (the “Liquidated Damages”). Total warrants held by Pacific as of January 10, 2018 were 1,146,250. We desired to incentivize Pacific to exercise the Warrants by reducing the exercise price of the warrants from $2.10 per share to $1.05 per share, provided that Pacific agreed to immediately exercise such 1,146,250 warrants for $1,203,563 in cash. Pursuant to the Amendment, the exercise price of the warrants was reduced as discussed above and Pacific exercised the warrants in cash.

On January 12, 2018, we received the $1,203,563 exercise price of the Pacific warrants and issued 1,146,250 shares of common stock to Pacific.

On January 12, 2018, we received $130,200 in proceeds from the Donald P Monaco Insurance Trust, whose trustee is Donald Monaco a director of the Company, and issued 62,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.10 per share.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market Risk

This represents the risk of loss that may result from the potential change in value of a financial instrument because of fluctuations in interest rates and market prices. We do not currently have any trading derivatives nor do we expect to have any in the future. We have established policies and internal processes related to the management of market risks, which we use in the normal course of our business operations.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We have established and maintain a system of disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports filed with the SEC pursuant to the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Commission and that such information is accumulated and communicated to our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow timely decisions regarding required disclosures.

Management, with the participation of our CEO and CFO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. As of November 30, 2017, based on the evaluation of these disclosure controls and procedures, our CEO and CFO have concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our reports filed with the Securities and Exchange Commission pursuant to the Exchange Act, is recorded properly, processed, summarized and reported within the time periods specified in the rules and forms of the Commission and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures.

Changes In Internal Control Over Financial Reporting

We regularly review our system of internal control over financial reporting to ensure we maintain an effective internal control environment. There were no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

Litigation related to RealBiz Media Group, Inc. (“RealBiz”)

As discussed in further detail below under “Settlement Agreement with RealBiz, NestBuilder and AST”, on December 22, 2017, after the end of the period discussed in this quarterly report, we entered into a Settlement Agreement with RealBiz, NestBuilder and AST for the dismissal with prejudice of the following lawsuits described below: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV- GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS.

Case Number 1:16-cv-61017-FAM

On May 11, 2016, RealBiz filed a Complaint against us in the United States District Court for the Southern District of Florida (the “Complaint”). The Complaint alleges $1,287,517 is due from us to RealBiz, and seeks the recovery of such amount, plus pre-judgment interest from October 31, 2015 and costs. The Complaint alleges causes of action including ‘account stated’ and ‘unjust enrichment’.

On May 19, 2016, we filed an Answer and Counterclaim to the Complaint (the “Counterclaim”) denying RealBiz’s allegations and claims and pleading affirmative defenses including ‘failure to state a claim for which relief can be granted’, ‘set-off’ rights (including that if there was any amount owed, RealBiz’s obligation to us far exceeded the $1.3 million amount that RealBiz alleges is due to it), ‘mistake or error’, ‘unclean hands’, ‘waiver’, ‘release’, ‘breach of contract’ (we allege there was an oral agreement that all intercompany balances would be written–off) and ‘rescission of letter addressing partial balance due’ (confirming that a letter upon which RealBiz’s case is predicated was rescinded shortly after its issuance and is of no force or effect). The Counterclaim against RealBiz alleges causes of action including ‘unjust enrichment’ (we allege that the net amount due to us from RealBiz is in excess of $10 million dollars if there is no oral agreement), ‘money had and received’, and ‘breach of contract’ (we allege there was an oral agreement that all intercompany balances would be written–off), and seeks recovery of all actual damages, consequential damages and incidental damages, if any, including but not limited to attorney’s fees and costs, plus-prejudgment and post-judgment interest. We believe the claims asserted in the Complaint, as amended, are without merit and intend to vigorously defend ourselves against the lawsuit while simultaneously seeking damages against RealBiz. The Company has no basis for determining whether there is any likelihood of material loss associated with the claims and/or the potential and/or the outcome of the litigation.

Case No.: CACE-16-019818

On October 27, 2016, the Company filed a Complaint (Monaker Group, Inc., f/k/a Next 1 Interactive, Inc. v. RealBiz Media Group, Inc., f/k/a Webdigs, Inc. and American Stock Transfer & Trust Company, LLC (“AST”)) for damages and injunctive relief from the defendant’s unreasonable delay and/or refusal to register the transfer of certain securities. We instructed RealBiz to transfer our preferred or common stock in RealBiz to certain of our shareholders on several occasions. Defendants, however, wrongfully refused to register the transfers in violation of the Delaware Code and the terms of RealBiz’s preferred and common stock.

Case No.: 16-24978-CIV-GRAHAM

On November 16, 2016, RealBiz cancelled the 44,470,101 Series A preferred shares and 10,359,892 common shares which were held by the Company in connection with an alleged over issuance of common shares relating to the conversion of Monaker’s dual convertible preferred shares.

On November 30, 2016, the Company filed a Complaint (Monaker Group, Inc., f/k/a Next 1 Interactive, Inc. v. RealBiz Media Group, Inc., f/k/a Webdigs, Inc. and American Stock Transfer & Trust Company, LLC) for damages and injunctive and declaratory relief, arising from RealBiz’s declared cancellation, retirement, and/or termination of certain securities. RealBiz notified Monaker of its intent to unilaterally cancel, retire, and/or terminate its preferred and common stock held by Monaker. RealBiz’s announced cancellation, retirement, and termination was without Monaker’s consent, and done in violation of Delaware law, federal law and the terms of RealBiz’s preferred and common stock.

The Company seeks to reverse all actions taken by RealBiz that adversely and materially affected its rights under the Company’s preferred stock in RealBiz subsequent to the termination and cancellation of our stock or in the alternative obtain damages for terminating and cancelling our stock.

Case No.: 0:16-cv-62902-WJZ

A class action lawsuit has been filed against us, William Kerby, our Chief Executive Officer and Chairman, Donald Monaco, our director, and D’Arelli Pruzansky, P.A., our former auditor, in the U.S. District Court for the Southern District of Florida on behalf of persons who purchased our common stock and exercised options between April 6, 2012 and June 23, 2016 (the “Class Period”). The case, McLeod v. Monaker Group, Inc. et al, was filed on December 9, 2016. The lawsuit focuses on whether the Company and its executives violated federal securities laws and whether the Company’s former auditor was negligent and makes allegations regarding the activities of certain Company executives. The lawsuit alleges and estimates total shareholders losses totaling approximately $20,000,000. The lawsuit stems from the Company’s announcement in June 2016 that it would have to restate its financial statements due to issues related to the Company’s investment in RealBiz. The lawsuit asks the court to confirm the action is a proper class action. We believe the claims asserted in the lawsuit are without merit and intend to vigorously defend ourselves against the claims made in the lawsuit. The Company has no basis for determining whether there is any likelihood of material loss associated with the claims and/or the potential and/or the outcome of the litigation. On February 16, 2017, we filed a Motion to Dismiss the lawsuit and on March 3, 2017, the Court entered an order staying discovery and all other proceedings pending resolution of the Motion to Dismiss.

Case No.: C.A 2017-0189

On March 14, 2017, we filed a lawsuit against RealBiz pursuant to Section 220 of Delaware General Corporation Law, in The Court of Chancery of The State of Delaware seeking relief in the form of an order compelling RealBiz to make available to Monaker, for inspection and copying, certain corporate books and records as demanded by Monaker in a February 27, 2017 letter (the “Demand”). In addition to our statutory right to inspection under Section 220, we have contractual rights to access books and records as outlined in the documents governing our investment in RealBiz. Monaker’s purpose in making the Demand is, among other things, to: (1) determine the status of its investment and interest in RealBiz; (2) determine the appropriateness of certain actions recently announced by RealBiz; (3) investigate suspected wrongdoing by certain officers and directors of RealBiz; and (4) determine whether the RealBiz’s directors advanced their personal interests at the expense of Monaker and other investors. RealBiz has declined to produce the requested books and records despite the Demand and communications between the parties’ counsels, filed a motion to dismiss taking the position that the Company is no longer a shareholder of RealBiz, and has insisted instead that Monaker serve a second request for production in a separate action, Monaker Group, Inc. v. RealBiz Media Group, Inc., No. 1:16-cv-24978-DLG, currently pending in the Southern District of Florida (the “Florida Action”).

Case No.: 2017-0351

On May 8, 2017, we filed a lawsuit in The Court of Chancery of The State of Delaware against Alex Aliksanyan, Thomas Grbelja, Keith White, Warren Kettlewell, Anshu Bhatnagar (collectively, the “Director Defendants”, each former directors of non-party RealBiz) and AST. The action against the Director Defendants is for damages for breaching their fiduciary duties to Monaker and the action against AST is for aiding and abetting those breaches. The suit alleges that the Director Defendants acted in concert to dilute and terminate Monaker’s ownership interest in and control of RealBiz to enrich themselves. The suit also alleges that the Director Defendants entered into self-serving agreements, issued securities below the stated value of the preferred stock as well as the sale of common stock at a substantial discount to the market value and improperly terminated and cancelled Monaker’s preferred and common stock in RealBiz. Finally, the suit alleges that AST aided and abetted the Defendants Directors in converting and eliminating Monaker’s beneficial ownership in RealBiz securities.

Settlement Agreement with RealBiz, NestBuilder and AST

On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder and AST for the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock) and removed any dividend obligations. We accrued settlement expenses of $142,800 and a gain on settlement of $176,324, for a net gain on settlement of $33,524, in connection with the Settlement Agreement. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party.

The Company is unable to determine the estimate of the probable or reasonable possible loss or range of losses arising from the above legal proceedings.

Contractual Settlement

Item 1A. Risk Factors.

There have been no material changes from the risk factors previously disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended February 28, 2017, filed with the Commission on May 8, 2017, under the heading “Risk Factors”, except as provided below, and investors should review the risks provided in the Form 10-K and below, prior to making an investment in the Company. The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in the Form 10-K for the year ended February 28, 2017, under “Risk Factors”, and below, any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results and stock price.

Risks Relating to the July/August 2017 Private Placement Offering

We face significant penalties and damages in the event the registration statement required to be filed by us in connection with our August 2017 private placement offering is subsequently suspended or terminated, or we fail to receive approval for the listing of our common stock on the NASDAQ Capital Market by the required deadlines set forth in the July 31, 2017, Common Stock and Warrant Purchase Agreement.

Pursuant to the terms of the Common Stock and Warrant Purchase Agreement entered into with certain accredited investors in July 2017, relating to the sale of common stock and warrants, which closed in August 2017 (as described in greater detail above under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” – “Liquidity and Capital Resources”– “Recent Significant Funding Transactions” – “Private Placement Offering”), the Company agreed to use commercially reasonable efforts to file a registration statement on Form S-1 (or Form S-3, if available) with the SEC within 45 days following the closing of the August 2017 private placement offering (which date was September 25, 2017, and which filing deadline was met) to register the resale of the shares sold in connection therewith and the shares of common stock issuable upon exercise of the warrants sold in connection therewith (collectively, the “Shares and Warrant Shares”) and to cause the registration statement to become effective within 120 days following the closing of the private placement offering (which date was December 9, 2017 and which registration statement was filed on November 3, 2017 and became effective on November 13, 2017). The Common Stock and Warrant Purchase Agreement also required the Company to apply for listing of its common stock on the NASDAQ Capital Market (“NASDAQ”) within 60 days following the closing of the private placement offering (which date was October 10, 2017 and which application was filed on October 6, 2017) and to cause the shares sold in the private placement offering to be listed on the NASDAQ no later than 120 days following closing of the private placement offering (which date was December 9, 2017). The Company’s common stock was not approved for listing on the NASDAQ Capital Market by the deadline set forth above. Consequently, we are required to provide each purchaser in the offering (and the placement agent in the offering), as partial liquidated damages for such delay, with additional warrants equal to each purchaser’s (and the agent’s) pro rata share of 1% of the warrants sold in the private placement offering or 16,092 additional warrants, per day. Such liquidated damages continue to be due, each day that we fail to comply with the requirements above, up to a maximum of 100 days. In the event the registration statement is for any reason not effective in the future we will owe the purchasers similar warrant damages as are currently due in connection with the failure to have our common stock listed on NASDAQ Capital Market, up to 100% of the total warrants sold in the offering. Pursuant to the liquidated damages provision of the Purchase Agreement (as discussed above), and including the warrants granted to Pacific in consideration for the liquidated damages, the Company, through January 10, 2018, has granted warrants to purchase an additional 498,831 shares of common stock to the purchasers and the placement agent in the offering, which also has the right to receive additional warrants as if it was a purchaser under the Purchase Agreement.

Additionally, in the event that there occurs a suspension in the availability of the registration statement, after effectiveness thereof, subject to certain exceptions described in the purchase agreement, we are required to pay to each purchaser (and the agent), on the 30th day following the first day of such suspension, and on each 30th day thereafter, an amount equal to 1% of the purchase price paid for the securities purchased by the purchaser (and agent) and not previously sold by the purchaser with such payments to be prorated on a daily basis during each 30 day period, up to a maximum of 6% of the purchase price paid for the securities.

We have already granted the purchasers additional warrants due to our failure to obtain the listing of our common stock on the NASDAQ Capital Market and in the event the required registration statement is subsequently suspended or terminated, we continue to fail to have our common stock listed on the NASDAQ Capital Market, or we otherwise fail to meet certain requirements set forth in the purchase agreement, we could be required to pay significant additional penalties which could adversely affect our cash flow and cause the value of our securities to decline in value.

The warrants sold in the July/August private offering contain anti-dilution rights. The issuance and sale of common stock upon exercise of the warrants may cause substantial dilution to existing stockholders and may also depress the market price of our common stock.

The exercise price of the warrants sold in the July/August private offering (and the penalty warrants described above) was initially $2.10 per share, subject to adjustment as provided therein, and the warrants are exercisable beginning on July 31, 2017 through July 30, 2022. The exercise price and number of shares of common stock issuable upon the exercise of the warrants (and the penalty warrants described above) are subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, and are also subject to weighted average anti-dilution adjustments in the event the Company issues or is deemed to have issued any securities below the then exercise price of the warrants, subject to certain exceptions (i.e., the Exempt Issuances, described below), during the 12 months following the closing date, each as described in greater detail in the warrants. After the six month anniversary of the closing (February 11, 2018), if a registration statement covering the issuance or resale of the shares of common stock issuable upon exercise of the warrants is not available for the issuance or resale, as applicable, the purchasers and the agent, may exercise the warrants by means of a “cashless exercise.”

As a result of the reduction in the exercise price of the Pacific warrants which was agreed to pursuant to the Amendment (each as described above), the anti-dilution provision of the Purchaser warrants was triggered. Specifically, because the Company issued shares of common stock below the $2.10 exercise price of the warrants sold pursuant to the Purchase Agreement (and the warrants granted to the placement agent), the exercise price of such warrants automatically decreased to $2.05 per share.

If exercises of the warrants and sales of such shares issuable upon exercise thereof take place, the price of our common stock may decline. In addition, the common stock issuable upon exercise of the warrants may represent overhang that may also adversely affect the market price of our common stock. Overhang occurs when there is a greater supply of a company’s stock in the market than there is demand for that stock. When this happens the price of the company’s stock will decrease, and any additional shares which stockholders attempt to sell in the market will only further decrease the share price. If the share volume of our common stock cannot absorb shares sold by the Warrant holders, then the value of our common stock will likely decrease.

Subject to certain limited exceptions, we are prohibited from issuing any additional securities until 90 days after the date the registration statement filed to register the Shares and Warrant Shares, is declared effective by the SEC. This may limit our ability to raise funds and operate our business.

Pursuant to the July/August 2017 private offering purchase agreement, we agreed that we will not, and we will ensure that our directors and officers and their affiliates will not, without the prior written consent of all purchasers, from the date of execution of the purchase agreement and continuing to and including February 11, 2018, which is the date 90 days after November 13, 2017, which is the effective date of the registration statement (the “Lock-Up Period”), (A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any shares of common stock or any securities convertible into or exercisable or exchangeable for common stock or (B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the common stock, whether any such transaction described in clause (A) or (B) above is to be settled by delivery of common stock or such other securities, in cash or otherwise, however, the Company may conduct an Exempt Issuance (as defined below) without the prior written consent of all purchasers. “Exempt Issuance” means the issuance of (a) shares of common stock or options to employees, consultants, officers or directors of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the board of directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose, (b) securities upon the exercise of or conversion of any convertible securities, options or warrants issued and outstanding on the date of the purchase agreement, provided that such securities have not been amended since the date of the purchase agreement to increase the number of such securities or to decrease the exercise or conversion price of any such securities, and (c) securities issued pursuant to acquisitions or strategic transactions, provided any such issuance shall only be to a person which is, itself or through its subsidiaries, an operating company in which the Company receives benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

The restrictions and covenants in the purchase agreement, as well as any future financing agreements that we may enter into, may restrict our ability to finance our operations, engage in business activities or expand or fully pursue our business strategies. Our ability to comply with these covenants may be affected by events beyond our control and we may not be able to meet those covenants.

The shares sold pursuant to the July/August 2017 private offering purchase agreement were granted anti-dilution rights for a period of twelve months following the closing of such transaction.

Pursuant to the July/August 2017 private offering purchase agreement, we agreed that until the 12 month anniversary of the closing of the offering, i.e., August 11, 2018, if the Company or any subsidiary thereof issues or agrees to issue any (i) common stock or (ii) any securities of the Company or the subsidiary that would entitle the holder thereof to acquire at any time common stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time directly or indirectly convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, common stock, except for the Exempt Issuances (defined above), entitling any person or entity to acquire shares of common stock at an effective price per share less than $2.00, within three trading days of the date thereof the Company is required to issue to such purchaser additional shares of common stock based on the formula set forth in the purchase agreement.

As a result of the reduction in the exercise price of the Pacific warrants which was agreed to pursuant to the Amendment, the anti-dilution provision of the Purchase Agreement was triggered. Specifically, because the Company issued shares of common stock below the $2.00 price per share of the securities sold pursuant to the Purchase Agreement, the Purchasers are due an additional 36,142 shares of the Company’s common stock.

In the event we issue or are deemed to have issued additional securities for a value less than $2.00, and are required to issue the purchasers additional shares of common stock, it could cause significant dilution to existing stockholders.

If the holders of our common stock sell a large number of shares all at once or in blocks, the market price of our shares would most likely decline.

Up to 3,141,625 shares of common stock may be resold by certain stockholders through our resale registration statement filed to register the Shares and Warrant Shares, which became effective on November 13, 2017. Should such holders decide to sell their shares at a price below the market price as quoted on OTCQB, or any exchange on which our common stock might be listed in the future, the price may continue to decline. A steep decline in the price of our common stock upon being quoted on OTCQB, or any exchange on which our common stock might be listed in the future, would adversely affect our ability to raise additional equity capital, and even if we were successful in raising such capital, the terms of such raise may be substantially dilutive to current stockholders.

Risks Related to Our Operations, Business and Industry

In the future, we may need additional capital which may not be available on commercially acceptable terms, if at all.

As of November 30, 2017, the Company had an accumulated deficit of $104,960,092. We had net losses of $1,860,966 and $4,300,460 for the three and nine months ended November 30, 2017, respectively. Net loss for the year ended February 28, 2017, amounted to $7,097,275. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.

The growth and development of our business will require a significant amount of additional working capital, provided that we currently believe that the funds raised in the July/August private placement offering described above, together with the warrants exercised in January 2018 and the revenues we anticipate receiving beginning at the end of March 2018, will be adequate to allow us to be self-sufficient and that we will not need to raise any additional funding in the near term to support our operations. Notwithstanding the above, in the event we need to raise additional funding in the future, such funding may not be available on terms that are acceptable to us and/or may have a dilutive effect on our existing stockholders.

We currently have a monthly cash requirement of approximately $180,000, exclusive of capital expenditures. We believe that in the aggregate, we could require several millions of dollars to support and expand the marketing and development of our travel products, repay debt obligations, provide capital expenditures for additional equipment and development costs, payment obligations, office space and systems for managing the business, and cover other operating costs until our planned revenue streams from travel products are fully-implemented and begin to offset our operating costs. As described above, we believe that we have sufficient capital to support our operations with the funds raised in the July/August 2017 private placement offering, together with the warrants exercised in January 2018 and expected revenues which we anticipate generating at the end of March 2018. Notwithstanding the above, if we require additional funding in the future and we are unable to obtain additional funding on acceptable terms, or at all, it will negatively impact our business, financial condition and liquidity. As of November 30, 2017 and February 28, 2017, we had $1,785,953 and $3,018,467, respectively, of current liabilities.

In the event we need to raise additional funding in the future, such funding may not be available on terms that are acceptable to us and/or may have a dilutive effect on our existing stockholders. Additionally, if we are unable to achieve operational profitability, we will have to evaluate alternative actions to reduce our operating expenses and conserve cash.

In the event we require, and are unable to raise, adequate funding in the future for our operations and to pay our outstanding debt obligations, we may be forced to scale back our business plan and/or liquidate some or all of our assets (or our creditors may undertake a foreclosure of such assets in order to satisfy amounts we owe to such creditors) or may be forced to seek bankruptcy protection, which could result in the value of our outstanding securities declining in value or becoming worthless.

The $2.9 million owed to us under the Secured Convertible Promissory Note and the $750,000 owed to use under a promissory note, each due from Bettwork Industries, Inc., may not be repaid timely, if at all.

Effective on August 31, 2017, we entered into a Purchase Agreement with Bettwork, pursuant to which we sold Bettwork certain of our media assets in consideration for a Secured Convertible Promissory Note in the principal amount of $2.9 million. The amount owed under the Secured Note accrues interest at a fluctuating interest rate, based on the prime rate, and is due and payable on August 31, 2020. The repayment of the Secured Note is secured by a first priority security interest in all of the acquired assets. Bettwork may prepay the Secured Note at any time, subject to its obligation to provide us 15 days prior written notice prior to any prepayment. The Secured Note is convertible into shares of Bettwork’s common stock, at our option, subject to a 4.99% beneficial ownership limitation. The conversion price of the Secured Note is $1.00 per share, unless, prior to the Secured Note being paid in full, Bettwork completes a capital raise or acquisition and issues common stock or common stock equivalents (including, but not limited to convertible securities) with a price per share (as determined in our reasonable discretion) less than the Conversion Price then in effect (each a “Transaction”), at which time the Conversion Price will be adjusted to match such lower pricing structure associated with the Transaction (provided such repricing shall continue to apply to subsequent Transactions which occur prior to the Secured Note being paid in full as well). Bettwork also owes us $750,000 under an outstanding promissory note.

Bettwork may not timely pay, or may not pay at all, the amounts due pursuant to the terms of the Secured Note and promissory note. In the event that Bettwork fails to pay the amount due under the Secured Note, we may be forced to attempt to foreclose on the assets securing the note and/or enter into litigation against Bettwork, seeking the payment of the amount due. In the event that Bettwork does not have sufficient capital to pay the amounts due, we may be forced to accept a lesser amount of funding from Bettwork. Additionally, in the event that we are forced to foreclose on the assets securing the Secured Note, such assets may not have a value equal to the amount owed under the note and further, there may not be any other buyers for such assets. In the event we convert the amount due under the Secured Note into common stock of Bettwork, such conversion may be at a premium to the market value of Bettwork’s common stock and there may be no market or liquidity for Bettwork’s common stock. In the event of the occurrence of any of the above described events, and/or in the event Bettwork fails to repay the promissory note, we may not have sufficient cash flow for our operations, may be forced to expend significant resources in litigation and/or in attempting to enforce our security interest over the assets, which may have a material adverse effect on our results of operations, our ability to maintain any future listing we secure on a national stock exchange, and/or cause the value of our common stock to decline in value.

If we are not able to complete software interfaces with our property owners, managers and distributors, in a timely manner, our business is susceptible to shortfalls in revenues due to delays in remitting our ALRs to distributors and/or ALRs not being available for bookings or distribution.

The Company contracts with property owners and managers to list their ALRs on the Company’s system. Those ALRs are populated into the system through an application programming interface (API) from the property owner and/or manager to the Company. If the technology of the API is inadequate, erroneous or corrupted, the Company may incur delays in populating the ALRs into the Company’s system until the issues related to their API are corrected. These delays could cause delays in realizing revenues from bookings from those additional ALRs.

Also, the Company provides its ALRs to distributors who allow its customers to book those ALRs. The Company makes those ALRs available to distributors through its own API. If the technology of the distributor cannot write the correct program to request the ALRs from the Company’s operating system, the Company may incur delays in making the ALRs available to the distributor until the issues are resolved and the correct program is written by the distributor. These delays could cause delays in realizing revenues from bookings from those ALRs.

If the businesses and/or assets that we have acquired or invested in do not perform as expected or we are unable to effectively integrate acquired businesses, our operating results and prospects could be harmed.

The businesses we have acquired, or invested in, may not perform as well as we expect. Failure to manage and successfully integrate recently acquired businesses and technologies could harm our operating results and our prospects. If the companies we have invested in do not perform well, our investments could become impaired and our financial results could be negatively impacted.

Our mergers and acquisitions involve numerous risks, including the following:

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difficulties in integrating and managing the combined operations, technologies, technology platforms and products of the acquired companies and realizing the anticipated economic, operational and other benefits in a timely manner, which could result in substantial costs and delays or other operational, technical or financial problems;

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legal or regulatory challenges or post-acquisition litigation;

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failure of the acquired company or assets to achieve anticipated revenue, earnings or cash flow;

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diversion of management’s attention or other resources from our existing business;

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our inability to maintain the key customers and business relationships, and the reputations of acquired businesses;

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uncertainty resulting from entering markets in which we have limited or no prior experience or in which competitors have stronger market positions;

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our dependence on unfamiliar affiliates and partners of acquired businesses;

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unanticipated costs associated with pursuing acquisitions;

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liabilities of acquired businesses, which may not be disclosed to us or which may exceed our estimates, including liabilities relating to non-compliance with applicable laws and regulations, such as data protection and privacy controls;

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difficulties in assigning or transferring to us or our subsidiaries intellectual property licensed to companies we acquired;

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difficulties in maintaining our internal standards, controls, procedures and policies including financial reporting requirements of the Sarbanes-Oxley Act of 2002 and extending these controls to acquired companies;

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potential loss of key employees of the acquired companies;

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difficulties in complying with antitrust and other government regulations;

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challenges in integrating and auditing the financial statements of acquired companies that have not historically prepared financial statements in accordance with U.S. generally accepted accounting principles; and

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potential accounting charges to the extent intangibles recorded in connection with an acquisition, such as goodwill, trademarks, customer relationships or intellectual property, are later determined to be impaired and written down in value.

Moreover, we rely heavily on the representations and warranties provided to us by the sellers of acquired companies and assets, including as they relate to creation, ownership and rights in intellectual property, existence of open source software and compliance with laws and contractual requirements. If any of these representations and warranties are inaccurate or breached, such inaccuracy or breach could result in costly litigation and assessment of liability for which there may not be adequate recourse against such sellers, in part due to contractual time limitations and limitations of liability.

Risks Related to Our Securities

Nevada law and our Articles of Incorporation authorize us to issue shares of stock, which shares may cause substantial dilution to our existing stockholders.

We have authorized capital stock consisting of 500,000,000 shares of common stock, $0.00001 par value per share and 100,000,000 shares of preferred stock, $0.00001 par value per share. As of the date of this report, we have 19,647,639 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding. Additionally, on September 13, 2017, our majority shareholders provided authority to our Board of Directors, without further shareholder approval, to effect a reverse stock split of all of the outstanding common stock of the Company, by the filing of a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of Nevada, in a ratio of between one-for-one and one-for-four, with the Company’s Board of Directors having the discretion as to whether or not the reverse split is to be effected, and with the exact exchange ratio of any reverse split to be set at a whole number within the above range as determined by the Board of Directors in its sole discretion, at any time before the earlier of (a) September 13, 2018; and (b) the date of the Company’s 2018 annual meeting of stockholders. As a result, our Board of Directors has the ability to issue a large number of additional shares of common stock and/or to affect a reverse stock split, without stockholder approval, and if additional shares are issued, it could cause substantial dilution to our then stockholders. Additionally, shares of preferred stock may be issued by our Board of Directors without stockholder approval with voting powers, and such preferences and relative, participating, optional or other special rights and powers as determined by our Board of Directors, which may be greater than the shares of common stock currently outstanding. As a result, shares of preferred stock may be issued by our Board of Directors which cause the holders to have super majority voting power over our shares, provide the holders of the preferred stock the right to convert the shares of preferred stock they hold into shares of our common stock, which may cause substantial dilution to our then common stock stockholders and/or have other rights and preferences greater than those of our common stock stockholders. Investors should keep in mind that the Board of Directors has the authority to issue additional shares of common stock and preferred stock, which could cause substantial dilution to our existing stockholders. Additionally, the dilutive effect of any preferred stock, which we may issue may be exacerbated given the fact that such preferred stock may have super majority voting rights and/or other rights or preferences which could provide the preferred stockholders with voting control over us subsequent to this offering and/or give those holders the power to prevent or cause a change in control. As a result, the issuance of shares of common stock and/or preferred stock may cause the value of our securities to decrease and/or become worthless.

Our outstanding warrants may adversely affect the trading price of our common stock.

As of the date of this report, there were (i) outstanding warrants to purchase 2,304,551 shares of common stock at a weighted average exercise price of $2.14 per share. For the life of the warrants, the holders have the opportunity to profit from a rise in the market price of our common stock without assuming the risk of ownership. The issuance of shares upon the exercise of outstanding securities will also dilute the ownership interests of our existing stockholders.

The availability of these shares for public resale, as well as any actual resales of these shares, could adversely affect the trading price of our common stock. We cannot predict the size of future issuances of our common stock pursuant to the exercise of outstanding options or warrants or conversion of other securities, or the effect, if any, that future issuances and sales of shares of our common stock may have on the market price of our common stock. Sales or distributions of substantial amounts of our common stock (including shares issued in connection with an acquisition), or the perception that such sales could occur, may cause the market price of our common stock to decline.

Our officers and directors together beneficially own approximately 33% of our voting securities which gives them significant influence over the affairs of our Company.

Our executive officers and directors beneficially own approximately 33% of the issued and outstanding shares of our common stock. As a result, they have significant ability to influence matters affecting our stockholders and will exercise significant control in determining the outcome of corporate transactions or other matters, including the election of directors, mergers, consolidations, the sale of all or substantially all of our assets, and also the power to prevent or cause a change in control. Additionally, it will be difficult if not impossible for investors to remove our current directors, which will mean they will remain in control of who serves as officers of the Company as well as whether any changes are made in the Board of Directors. As a potential investor in the Company, you should keep in mind that even if you own shares of the Company’s common stock and wish to vote them at annual or special stockholder meetings, your shares will likely have little effect on the outcome of corporate decisions. Because our executive officers control such shares, investors may find it difficult to replace our management if they disagree with the way our business is being operated. Additionally, the interests of our executive officers may differ from the interests of the other stockholders and thus result in corporate decisions that are adverse to other stockholders.

FINRA sales practice requirements may limit a stockholder’s ability to buy and sell our stock.

The Financial Industry Regulatory Authority, or FINRA, has adopted rules requiring that, in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative or low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA has indicated its belief that there is a high probability that speculative or low-priced securities will not be suitable for at least some customers. Because these FINRA requirements are applicable to our common stock, they may make it more difficult for broker-dealers to recommend that at least some of their customers buy our common stock, which may limit the ability of our stockholders to buy and sell our common stock and could have an adverse effect on the market for and price of our common stock.

We have applied for the listing of our common stock on the Nasdaq Capital Market. We may not be approved for listing of our common stock, and if listed, our common stock may not continue to meet Nasdaq Capital Market listing requirements. If we fail to comply with the continuing listing standards of the Nasdaq Capital Market, our securities could be delisted.

We have applied for our common stock to be eligible to be listed on the Nasdaq Capital Market. However, our application may not be approved, and an active trading market for our common stock may not develop or continue. If, after listing, we fail to satisfy the continued listing requirements of the Nasdaq Capital Market, such as the corporate governance requirements or the minimum closing bid price requirement, the Nasdaq Capital Market may take steps to delist our common stock. Such a delisting would likely have a negative effect on the price of our common stock and would impair your ability to sell or purchase our common stock when you wish to do so. In the event of a delisting, actions taken by us to restore compliance with listing requirements may not be successful to allow our common stock to become listed again, stabilize the market price or improve the liquidity of our common stock, prevent our common stock from dropping below the Nasdaq Capital Market minimum bid price requirement or prevent future non-compliance with the Nasdaq Capital Market’s listing requirements.

We will incur significant costs to ensure compliance with U.S. and Nasdaq Capital Market reporting and corporate governance requirements.

We will incur significant costs associated with our public company reporting requirements and with applicable U.S. and Nasdaq Capital Market corporate governance requirements (assuming our common stock is approved for listing on the Nasdaq Capital Market), including requirements under the Sarbanes-Oxley Act of 2002 and other rules implemented by the SEC and the Nasdaq Capital Market. We expect all of these applicable rules and regulations to significantly increase our legal and financial compliance costs and to make some activities more time consuming and costly. We also expect that these applicable rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our Board of Directors or as executive officers.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the nine months ended November 30, 2017 the Company issued the following unregistered securities:

Subscriptions

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On March 7, 2017, we received $150,000 in proceeds and sold 75,000 shares of common stock and common stock warrants to purchase 75,000 shares of common stock expiring on March 6, 2020, with an exercise price of $2.00 per share.

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On March 9, 2017, we received $100,000 in proceeds from the Robert Post 2007 Revocable Trust, whose Trustee is Robert Post, a Director of the Company, and issued 50,000 shares of common stock and common stock warrants to purchase 50,000 shares of common stock, expiring on March 8, 2020, with an exercise price of $2.00 per share.

	●	On March 10, 2017, we received $100,000 in proceeds and issued 50,000 shares of common stock and common stock warrants to purchase 50,000 shares of common stock, expiring March 9, 2020, with an exercise price of $2.00 per share.
	●	On April 3, 2017, we received $10,000 in proceeds and issued 5,000 shares of common stock and common stock warrants to purchase 5,000 shares of common stock, expiring April 20, 2020, with an exercise price of $2.00 per share.
	●	On July 31, 2017, we received $1,750,000 in proceeds and issued 875,000 shares of common stock and common stock warrants to purchase 875,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $150,000 in proceeds and issued 75,000 shares of common stock and common stock warrants to purchase 75,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $125,000 in proceeds and issued 62,500 shares of common stock and common stock warrants to purchase 62,500 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $100,000 in proceeds and issued 50,000 shares of common stock and common stock warrants to purchase 50,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $100,000 in proceeds and issued 50,000 shares of common stock and common stock warrants to purchase 50,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $50,000 in proceeds and issued 25,000 shares of common stock and common stock warrants to purchase 25,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $30,000 in proceeds and issued 15,000 shares of common stock and common stock warrants to purchase 15,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $50,000 in proceeds and issued 25,000 shares of common stock and common stock warrants to purchase 25,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $75,000 in proceeds and issued 37,500 shares of common stock and common stock warrants to purchase 37,500 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $175,000 in proceeds and issued 87,500 shares of common stock and common stock warrants to purchase 87,500 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $175,000 in proceeds from Donald P Monaco Insurance Trust, whose trustee is Donald Monaco a director of the Company, and issued 87,500 shares of common stock and common stock warrants to purchase 87,500 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $100,000 in proceeds and issued 50,000 shares of common stock and common stock warrants to purchase 50,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.

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On July 31, 2017, we received $50,000 in proceeds from William Kerby, a member of the Board of Directors and Executive of the Company, and issued 25,000 shares of common stock and common stock warrants to purchase 25,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.

	●	On July 31, 2017, we received $50,000 in proceeds and issued 25,000 shares of common stock and common stock warrants to purchase 25,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On July 31, 2017, we received $50,000 in proceeds and issued 25,000 shares of common stock and common stock warrants to purchase 25,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On August 11, 2017, we received $10,000 in proceeds and issued 5,000 shares of common stock and common stock warrants to purchase 5,000 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.
	●	On August 11, 2017, we received $25,000 in proceeds and issued 12,500 shares of common stock and common stock warrants to purchase 12,500 shares of common stock, expiring July 30, 2022, with an exercise price of $2.10 per share.

Warrant Exercise

	●	On April 18, 2017, we received $114,888 from Stephen Romsdahl, a greater than 5% shareholder of the Company, and issued 57,444 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.
	●	On April 28, 2017, we received $15,000 in proceeds and issued 10,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $1.50 per share.
	●	On August 30, 2017, we received $10,000 in proceeds and issued 8,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $1.25 per share.

Consulting Agreements

	●	On March 1, 2017, we issued 2,000 shares of common stock, valued at $4,800, for payment due pursuant to the terms of a consulting agreement.
	●	On March 1, 2017, we issued 10,000 shares of common stock, valued at $24,000, for payment due pursuant to the terms of a consulting agreement.
	●	On April 17, 2017, we issued 800 shares of common stock, valued at $2,120 and common stock warrants to purchase 800 shares of common stock, expiring April 16, 2020, with an exercise price of $2.00 per share, for commissions due pursuant to the terms of a consulting agreement.
	●	On April 18, 2017, we issued 10,000 shares of common stock, valued at $27,500, for payment due pursuant to the terms of a consulting agreement.
	●	On May 8, 2017, we issued 20,000 shares of common stock, valued at $54,600, for payment due pursuant to the terms of a consulting agreement.
	●	On May 8, 2017, we issued 2,000 shares of common stock, valued at $5,460, for payment due pursuant to the terms of a consulting agreement.
	●	On June 12, 2017, we issued 500 shares of common stock, valued at $1,250, for payment due pursuant to the terms of a consulting agreement.

	●	On June 12, 2017, we entered into a Settlement and Release Agreement to terminate a Letter of Intent dated March 21, 2016 with ViewTrade Securities, Inc. (“ViewTrade”). We issued 17,500 shares of restricted common stock and warrants to purchase 17,500 shares of common stock, expiring on July 12, 2022, with an exercise price of $2.25 per share in settlement of disputed compensation in connection with the Letter of Intent. In addition, the Company entered into a new Capital Markets & Business Advisory Agreement with ViewTrade for a one year period, terminating on June 11, 2018. ViewTrade will receive 35,000 shares of restricted common stock and warrants to purchase 35,000 shares of common stock, expiring on July 12, 2022, with an exercise price of $2.25 per share, as compensation for the advisory services pursuant to the agreement.
	●	On June 19, 2017, we issued 500 shares of common stock, valued at $1,150, for payment due pursuant to the terms of a consulting agreement.
	●	On June 19, 2017, we issued 10,000 shares of common stock, valued at $23,000, for a one-time issuance owed as of the date of an investor relations and financial public relations consulting agreement.
	●	On June 26, 2017, we engaged Roth Capital Partners, LLC (“Roth”) to act as a financial advisor for a period of three (3) months (the “Engagement Period”) with respect to any offering of our equity or equity-linked securities. In connection with the engagement, Roth agreed to review the Company’s capital requirements and potential sources of funds and such other activities as may be mutually agreed to from time to time between the Company and Roth. In exchange the Company agreed, upon the consummation of an offering, to pay Roth a cash advisory fee equal to $25,000 and stock equal to $25,000 in value at the time of closing (10,000 shares of common stock, valued at $25,000). Either party could terminate the Agreement at any time, without liability or continuing obligation to the other party. Additionally, in the event the Company terminated this Agreement during the Engagement Period, the Company was required to compensate Roth with a cash advisory fee equal to $25,000 and stock equal to $25,000 in value at the time of closing in connection with any transaction entered into or consummated during the Engagement Period or for three (3) months after the termination of the Engagement Period.
	●	On June 27, 2017, we issued 500 shares of common stock, valued at $1,200, for payment due pursuant to the terms of a consulting agreement.
	●	On July 10, 2017, we issued 1,000 shares of common stock, valued at $2,550, for payment due pursuant to the terms of a consulting agreement.
	●	On July 18, 2017, we issued 500 shares of common stock, valued at $1,100, for payment due pursuant to the terms of a consulting agreement.
	●	On August 9, 2017, we issued 1,000 shares of common stock, valued at $2,300, for payment due pursuant to the terms of a consulting agreement.
	●	On August 10, 2017, we issued 2,000 shares of common stock, valued at $4,140, for payment due pursuant to the terms of a consulting agreement.
	●	On August 11, 2017, we issued 76,625 common stock warrants to purchase 76,625 shares of common stock, expiring July 30, 2022 with an exercise price of $2.10 per share, for payment due pursuant to an agency agreement with Northland Securities, Inc.
	●	On August 14, 2017, we issued 2,000 shares of common stock, valued at $4,860, for payment due pursuant to the terms of a consulting agreement.
	●	On August 15, 2017, we issued 30,000 shares of common stock, valued at $73,500, for payment due pursuant to the terms of an amendment to a consulting agreement.
	●	On August 15, 2017, we issued 10,000 shares of common stock, valued at $24,500, for payment due pursuant to the terms of a consulting agreement.
	●	On September 19, 2017, we issued 20,000 shares of common stock, valued at $35,200, for payment due pursuant to the terms of a consulting agreement.
	●	On October 15, 2017, we issued 150,000 common stock warrants to purchase 150,000 shares of common stock, expiring December 31, 2018 with an exercise price of $2.10 per share, for payment due pursuant to a consulting agreement.
	●	On October 16, 2017, we issued 150,000 shares of common stock, valued at $376,500, for payment due pursuant to the terms of a investor relations agreement.
	●	On November 27, 2017, we issued 2,000 shares of common stock, valued at $4,900, as payment for services rendered.

Preferred Conversion

	●	Effective on July 28, 2017, William Kerby, a member of the Board of Directors and Executive of the Company, converted 694,611 shares of Series A Preferred Stock into common stock in connection with the conversion of the Series A 10% Cumulative convertible preferred stock held by him, into 1,389,222 shares of common stock at $2.00 per share, valued at $694,611.
	●	On July 28, 2017, In Room Retail, whose managing member is William Kerby, a member of the Board of Directors and Executive of the Company, converted 100,000 shares of Series A Preferred Stock into common stock in connection with the conversion of the Series A 10% Cumulative convertible preferred stock held by such shareholder, into 200,000 shares of common stock at $2.00 per share, valued at $100,000.
	●	On July 28, 2017, Donald P Monaco Insurance Trust, whose trustee is Donald Monaco a director of the Company, converted 500,000 shares of Series A Preferred Stock into common stock in connection with the conversion of the Series A 10% Cumulative convertible preferred stock held by such shareholder, into 1,000,000 shares of common stock at $2.00 per share, valued at $500,000.
	●	On July 28, 2017, Monaco Investment Partners II, LP, whose managing general partner is Donald Monaco a director of the Company, converted 575,000 shares of Series A Preferred Stock into common stock in connection with the conversion of the Series A 10% Cumulative convertible preferred stock held by such shareholder, into 1,150,000 shares of common stock at $2.00 per share, valued at $575,000.

Other

●

On April 19, 2017, we issued 100,000 shares of common stock to Omar Jimenez, a member of the Board of Directors and Executive of the Company, valued at $268,000, as a fiscal year end February 28, 2017, employee bonus.

	●	In May 2017, we retired 167,635 shares of common stock valued at $450,945 in connection with the settlement of the financial advisory agreement.
	●	On August 24, 2017, we converted Convertible Notes of $1,409,326, held by Mark Wilton, a greater than 5% shareholder of the Company, into an aggregate of 704,663 shares of common stock at $2.00 a share, in consideration for the cancellation and forgiveness of the amount owed under the Notes, including all accrued interest and the termination of the Notes.

Asset Purchases

●

On October 23, 2017, we entered into a Platform Purchase Agreement with Exponential, Inc. (“XPO”), which offers a white-label e-commerce platform. Pursuant to the Platform Purchase Agreement, XPO agreed to provide us software development services in connection with the development of an e-commerce platform (the Monaker Booking Engine (MBE)) and related application program interfaces (APIs). In consideration for the services agreed to be rendered by XPO, we issued XPO 500,000 shares of restricted common stock, valued at $1,485,000.

	●	On November 14, 2017, we entered into a Purchase Agreement with Michael Heinze, Michael Kistner and Rebecca Dernbach, whereby we purchased source code in connection with an alternative lodging platform for $75,000 in cash and 86,957 shares of restricted common stock with a market value of $2.30 per share and an aggregate value of $200,000 for a total acquisition of $275,000.
	●	On November 21, 2017, we entered into a Purchase Agreement (the “Property Purchase Agreement”) with A-Tech LLC on behalf of its wholly-owned subsidiary Parula Village Ltd. (“A-Tech”). Pursuant to the Property Purchase Agreement, on November 21, 2017, we purchased from A-Tech ownership of 12 parcels of land on Long Caye, Lighthouse Reef, Belize (the “Property”). Additionally, pursuant to the Property Purchase Agreement and an addendum thereto (the “Purchase Addendum”), A-Tech agreed to construct 12 vacation rental residences on the Property within 270 days of closing of the transaction (the “Construction”). In consideration for the acquisition of the Property and the Construction obligation, we issued A-Tech 600,000 shares of restricted common stock valued at $1.5 million or $2.50 per share (the “Property Shares”).

Subsequent to November 30, 2017, and through the filing date of this report, the Company issued the following unregistered securities:

Warrant Exercise

	●	On December 12, 2017, we received $105,000 from Monaco Investment Partners II, LP, whose managing general partner is Donald Monaco a director of the Company and issued 52,500 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.
	●	On January 12, 2018, we received $1,203,563 from Pacific Grove Capital LP and issued 1,146,250 shares of common stock in connection with the exercise of warrants which had an exercise price of $1.05 per share.
	●	On January 12, 2018, we received $95,000 from Monaco Investment Partners II, LP, whose managing general partner is Donald Monaco a director of the Company, and issued 47,500 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.
	●	On January 12, 2018, we received $130,200 in proceeds from Donald P Monaco Insurance Trust, whose trustee is Donald Monaco a director of the Company, and issued 62,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.10 per share.
	●	On January 16, 2018, we received $200,000 in proceeds from Charcoal Investments, Ltd., whose trustee is Simon Orange a director of the Company, and issued 100,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.
	●	On January 12, 2018, we received $10,500 in proceeds from William Kerby, Chief Executive Officer and Chairman of the Board of Directors of the Company, and issued 5,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.10 per share.

Consulting Agreements

●

On December 11, 2017, we issued 2,000 shares of common stock, valued at $5,000, as payment for services rendered.

●

On December 14, 2017, we issued 20,000 shares of common stock, valued at $45,800, as payment for marketing and investor relations services.

Our July 31, 2017 Common Stock and Warrant Purchase Agreement requires the Company to apply for listing of its common stock on the NASDAQ Capital Market within 60 days following the closing of the offering (which date was October 10, 2017 and which application was submitted on October 6, 2017) and to cause the Shares to be listed on the NASDAQ no later than 120 days following closing of the offering (which date was December 9, 2017). The Company’s common stock was not approved for listing on the NASDAQ Capital Market by the deadline of December 9, 2017, and the Company is in default of this requirement. Therefore, we are required to provide each Purchaser in the offering (and the placement agent in the offering), as partial liquidated damages for such delay, additional warrants equal to each Purchaser’s (and the agent’s) pro rata share of 1% of the warrants sold in the private placement offering (i.e., 16,092 warrants), per day, to each purchaser and the agent. Such liquidated damages continue to be due, each day that we fail to comply with the requirements above, up to a maximum of 100 days. As such, we are required to issue up to an additional 1,609,125 additional warrants in the event that we are never able to obtain a listing of our common stock on the NASDAQ. Pursuant to the liquidated damages provision of the Purchase Agreement (as discussed above), and including the warrants granted to Pacific in consideration for the liquidated damages, the Company, through January 10, 2018, has granted warrants to purchase an additional 498,831 shares of common stock to the purchasers and the placement agent in the offering, which also has the right to receive additional warrants as if it was a purchaser under the Purchase Agreement. If exercised in full a total of 498,831 shares of common stock would be due to the holders thereof.

***

We claim an exemption from registration for the issuances, grants and sales described above pursuant to Section 4(a)(2) and/or Rule 506 of Regulation D of the Securities Act, since the foregoing issuances did not involve a public offering, the recipients were (a) “accredited investors”; and/or (b) had access to similar documentation and information as would be required in a Registration Statement under the Securities Act, the recipients acquired the securities for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof. The securities were offered without any general solicitation by us or our representatives. No underwriters or agents were involved in the foregoing issuances and grants and we paid no underwriting discounts or commissions. The securities sold are subject to transfer restrictions, and the certificates evidencing the securities contain an appropriate legend stating that such securities have not been registered under the Securities Act and may not be offered or sold absent registration or pursuant to an exemption therefrom. The securities were not registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

Item 3. Defaults Upon Senior Securities.

There were no defaults upon senior securities during the quarter ended November 30, 2017.

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information.

There is no other information required to be disclosed under this item, which was not previously disclosed.

Item 6. Exhibits.

See the Exhibit Index following the signature page to this Quarterly Report on Form 10-Q for a list of exhibits filed or furnished with this report, which Exhibit Index is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MONAKER GROUP, INC.

Date: January 18, 2018	/s/ William Kerby
	William Kerby
	Chief Executive Officer
	(Principal Executive Officer)

Date: January 18, 2018	/s/ Omar Jimenez
	Omar Jimenez
	Chief Financial Officer
	(Principal Accounting/Financial Officer)

EXHIBIT INDEX

				Incorporated By Reference
Exhibit No.	Description	Filed or Furnished Herewith	Form	Exhibit	Filing Date	File No.
1.1	Placement Agency Agreement, by and between the Company and Northland Securities, Inc., dated July 31, 2017		8-K	1.1	8/1/2017	000-52669

3.1	Amended and Restated Bylaws of Monaker Group, Inc., effective July 27, 2017		8-K	3.1	8/1/2017	000-52669

3.2	Certificate of Withdrawal of Certificate of Designation of Series B Convertible Preferred Stock filed with the Secretary of State of Nevada on September 22, 2017		8-K	3.1	9/25/2017	000-52669

3.3	Certificate of Withdrawal of Certificate of Designation of Series C Convertible Preferred Stock filed with the Secretary of State of Nevada on September 22, 2017		8-K	3.2	9/25/2017	000-52669

3.4	Certificate of Withdrawal of Certificate of Designation of Series D Convertible Preferred Stock filed with the Secretary of State of Nevada on September 22, 2017		8-K	3.3	9/25/2017	000-52669

4.1	Form of Common Stock Purchase Warrant (Offering)		8-K	4.1	8/1/2017	000-52669

4.2	Form of Common Stock Purchase Warrant (Agent)		8-K	4.2	8/1/2017	000-52669

10.1	Form of Purchase Agreement, dated July 31, 2017		8-K	10.1	8/1/2017	000-52669

10.2	Board Representation Agreement dated July 31, 2017, by and between Pacific Grove Capital LP and the Company		8-K	10.2	8/1/2017	000-52669

10.3	Form of Addendum to Purchase Agreement, dated July 31, 2017		8-K	10.3	8/1/2017	000-52669

10.4	Debt Conversion and Voting Agreement dated August 24, 2017, by and between, Monaker Group, Inc., and Mark A. Wilton		8-K	10.1	9/5/2017	000-52669

10.5	Purchase Agreement dated August 31, 2017, between Bettwork Industries, Inc., as Purchaser and Monaker Group, Inc., as Seller		8-K	10.2	9/5/2017	000-52669

10.6	$2.9 million Secured Convertible Promissory Note dated August 31, 2017, by Bettwork Industries, Inc., as borrower in favor of Monaker Group, Inc., as payee		8-K	10.3	9/5/2017	000-52669

10.7	Assignment and Novation Agreement dated and effective August 31, 2017, by and between Monaker Group, Inc., Crystal Falls Investments, LLC, and Bettwork Industries, Inc.	8-K	10.4	9/5/2017	000-52669
10.8	Monaker Group, Inc. 2017 Equity Incentive Plan	8-K	10.5	9/5/2017	000-52669
10.9	Line of Credit Agreement dated September 15, 2017 by and between Monaker Group, Inc. and Republic Bank, Inc.	8-K	10.1	9/20/2017	000-52669
10.10	Engagement Agreement for Consulting Services with A-Tech, LLC, effective September 1, 2017	8-K	10.1	9/25/2017	000-52669
10.11	Platform Purchase Agreement by and between Monaker Group, Inc. and Exponential, Inc., dated October 17, 2017	8-K	10.1	11/17/2017	000-52669
10.12	Marketing and Consulting Agreement by and between Monaker Group, Inc. and Exponential, Inc., dated October 16, 2017	8-K	10.2	11/17/2017	000-52669
10.13	Purchase Agreement between Monaker Group, Inc., as purchaser and Michael Heinze, Michael Kistner and Rebecca Dernbach, as sellers, dated November 14, 2017	8-K	10.3	11/17/2017	000-52669
10.14	Purchase Agreement Between Monaker Group, Inc. and A-Tech LLC dated November 21, 2017	8-K	10.1	11/27/2017	000-52669
10.15	Addendum to Purchase Agreement Between Monaker Group, Inc. and A-Tech LLC dated November 21, 2017	8-K	10.2	11/27/2017	000-52669
10.16	December 22, 2017, Settlement Agreement by and between Monaker Group, Inc., RealBiz Media Group, Inc., NestBuilder.com Corp. and American Stock Transfer & Trust Company, LLC	8-K	10.1	1/5/2018	000-52669
10.17	First Amendment to Warrant dated January 10, 2018, by and between Monaker Group, Inc. and Pacific Grove Capital LP	8-K	10.1	1/16/2018	000-52669
31.1*	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act	X
31.2*	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act	X
32.1**	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	X
32.2**	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	X

101.INS	XBRL Instance Document	X
101.SCH	XBRL Schema Document	X
101.CAL	XBRL Calculation Linkbase Document	X

101.DEF	XBRL Definition Linkbase Document	X
101.LAB	XBRL Label Linkbase Document	X
101.PRE	XBRL Presentation Linkbase Document	X

*	Filed herewith.
**	Furnished herewith.
***	Indicates a management contract or any compensatory plan, contract or arrangement.

EX-31.1 2 ex31-1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Monaker Group, Inc. 10-Q

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, William Kerby, certify that:

1. I have reviewed this Form 10-Q of Monaker Group, Inc.;

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 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 present in this report;

4. Along with the Principal Accounting Officer, 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 13- a-15(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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, 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 our 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 control over financing reporting that occurred during the registrant’s most recent 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. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, 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 control over financial reporting 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 involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 18, 2018	By:	/s/ William Kerby
		William Kerby
		Chief Executive Officer
		(Principal Executive Officer) Monaker Group, Inc.

EX-31.2 3 ex31-2.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Monaker Group, Inc. 10-Q

Exhibit 31.2

CERTIFICATION OF PRINCIPAL ACCOUNTING OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Omar Jimenez, certify that:

1. I have reviewed this Form 10-Q of Monaker Group, Inc.;

4. Along with the Principal Executive Officer, 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 13-a-15(f) and 15d-15 (f)) for the registrant and have:

b) Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 18, 2018	By:	/s/ Omar Jimenez
		Omar Jimenez
		Chief Financial Officer
		(Principal Accounting/Financial Officer) Monaker Group, Inc.

EX-32.1 4 ex32-1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Monaker Group, Inc. 10-Q

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report of Monaker Group, Inc. (the “Company”), on Form 10-Q for the quarter ended November 30, 2017, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, William Kerby, Principal Executive Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) Such Quarterly Report on Form 10-Q for the quarter ended November 30, 2017, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in such Quarterly Report on Form 10-Q for the quarter ended November 30, 2017, fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: January 18, 2018	By:	/s/ William Kerby
		William Kerby
		Chief Executive Officer
		(Principal Executive Officer) Monaker Group, Inc.

EX-32.2 5 ex32-2.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Monaker Group, Inc. 10-Q

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report of Monaker Group, Inc. (the “Company”), on Form 10-Q for the quarter ended November 30, 2017, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Omar Jimenez, Principal Accounting Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) Such Quarterly Report on Form 10-Q for the quarter ended November 30, 2017, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

Date: January 18, 2018	By:	/s/ Omar Jimenez
		Omar Jimenez
		Chief Financial Officer
		(Principal Accounting/Financial Officer) Monaker Group, Inc.

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Note 2 – Note Receivable   Current  On December 22, 2014, we advanced $15,000 to a non-related third party debtor and signed a one year, six percent (6%) promissory note in the amount of $15,000. The entire principal balance of this note was rolled into and became part of the consideration paid for the purchase of our 51% membership interest in Name Your Fee, LLC, including approximately $1,000,000 in intangible assets. Our interest in Name Your Fee, LLC was sold on May 16, 2016, to the same non-related third party, for cancellation of $45,000 in notes (including the $15,000 note described above) and a promissory note in the amount of $750,000 (see also Note 4).   On August 31, 2017, we entered into an Assignment and Novation Agreement (the “Assignment”) with Bettwork Industries, Inc. (“Bettwork”) and Crystal Falls Investments, LLC (“Crystal Falls”), which entity purchased our 51% membership interest in Name Your Fee, LLC in May 2016, in consideration for among other things, $750,000 evidenced by a Promissory Note (the “Name Your Fee Note”). Pursuant to the Assignment, the Name Your Fee Note, which had a principal balance of $750,000 as of the date of the Assignment, was assigned from Crystal Falls to Bettwork, we agreed to only look to Bettwork for the repayment of the Name Your Fee Note, Bettwork agreed to repay the Name Your Fee Note pursuant to its terms, and we provided Crystal Falls a novation of amounts owed thereunder. Crystal Falls also released us from any and all claims in connection with such Name Your Fee Note and any other claims which Crystal Falls then had. The Assignment also amended the Name Your Fee Note to include an option which allows us to convert the amount owed under the Name Your Fee Note into shares of Bettwork’s common stock at a conversion price of $1.00 per share.   Long-term  Effective on August 31, 2017, we entered into a Purchase Agreement (the “Purchase Agreement”) with Bettwork. Bettwork’s common stock is quoted on the OTC Pink market under the symbol “BETW”. Pursuant to the Purchase Agreement, we sold Bettwork:   <table cellspacing="0" cellpadding="0" style="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0%"> </td> <td style="width: 0.25in">(a)</td> <td style="text-align: justify">our 71.5% membership interest in Voyages North America, LLC, a Delaware limited liability company (“Voyages”), including the voyage.tv website and 16,000 hours of destination and promotional videos;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0%"> </td> <td style="width: 0.25in">(b)</td> <td style="text-align: justify">our 10% ownership in Launch360 Media, Inc., a Nevada corporation (“Launch360”);</td></tr> </table> <table cellspacing="0" cellpadding="0" style="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 0.25in">(c)</td> <td style="text-align: justify">Rights to broadcast television commercials for 60 minutes every day on R&R TV network stations which rights remain in place until the earlier of (i) the date the shares of Launch360 are no longer held by Bettwork; and (ii) the date that Launch360 no longer has rights to broadcast television commercials on R&R TV network stations, for whatever reason; and</td></tr> </table> <table cellspacing="0" cellpadding="0" style="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 0.25in">(d)</td> <td style="text-align: justify">Our Technology Platform for Home & Away Club and supporting I.C.E. partnership (collectively (a) through (d), the “Assets”).</td></tr> </table>   Bettwork agreed to pay $2.9 million for the Assets, payable in the form of a Secured Convertible Promissory Note (the “Secured Note”). The amount owed under the Secured Note accrues interest at the rate of (a) six percent per annum until the end of the last day of the month in which the sale occurred; and (b) the greater of (i) six percent per annum and (ii) the prime rate plus 3 3/4% per annum, thereafter through maturity, which maturity date is August 31, 2020, provided that the interest rate increases to twelve percent upon the occurrence of an event of default.   Bettwork may prepay the Secured Note at any time, subject to its obligation to provide us 15 days prior written notice prior to any prepayment. The Secured Note is convertible into shares of Bettwork’s common stock, at our option, subject to a 4.99% beneficial ownership limitation (which may be waived by us with at least 61 days prior written notice). The conversion price of the Secured Note is $1.00 per share (the “Conversion Price”), unless, prior to the Secured Note being paid in full, Bettwork completes a capital raise or acquisition and issues common stock or common stock equivalents (including, but not limited to convertible securities) with a price per share (as determined in our reasonable discretion) less than the Conversion Price then in effect (each a “Transaction”), at which time the Conversion Price will be adjusted to match such lower pricing structure associated with the Transaction (provided such repricing shall continue to apply to subsequent Transactions which occur prior to the Secured Note being paid in full as well).   The repayment of the Secured Note is secured by a first priority security interest in all of the Assets.

Note 6 – Convertible Promissory Notes   On August 24, 2017, and effective on August 22, 2017, we entered into a Debt Conversion and Voting Agreement with Mark A. Wilton, a significant stockholder of the Company (a greater than 5% shareholder who is treated as a related party) regarding a convertible promissory note then held by Mr. Mark Wilton. The convertible promissory note, maturing December 1, 2017, was in the amount of $0 and $1,409,326 as of November 30, 2017 and February 28, 2017, respectively, had an interest rate of 6% per annum and a fixed conversion rate if converted by Mr. Wilton of $5.00 per share, provided the Company also had the right to force conversion of the notes into common stock at a conversion price equal to 80% of the 5 day trailing average closing price of our common stock prior to conversion.   Pursuant to the Debt Conversion Agreement, we converted various promissory notes which Mr. Wilton held in the Company, which had an aggregate principal balance of $1,409,326 and were due and payable on December 17, 2017, into 704,663 shares of our restricted common stock. The conversion was undertaken pursuant to the forced conversion terms of the Wilton Notes, which allowed us to force the conversion of the Wilton Notes into common stock at a conversion price equal to 80% of the 5 day trailing average closing price of our common stock prior to conversion. Additionally, pursuant to the Debt Conversion Agreement, we agreed to pay Mr. Wilton $45,000 in cash, payable at the rate of $15,000 per month in September, October and November, 2017, and Mr. Wilton agreed (a) to vote (and provided William Kerby, our Chief Executive Officer, and any other individual who is designated by us in the future, a proxy to vote), all of the voting shares held by him, in favor of any proposals recommended by the Board of Directors of the Company, and (b) to not transfer any of the voting shares which he held, subject to certain exceptions, until the earlier of August 22, 2020 and the date we provide Mr. Wilton notice of the termination of such voting proxy. We and Mr. Wilton also provided each other general releases pursuant to the Debt Conversion Agreement.   During the nine months ended November 30, 2017 and 2016, the Company recognized interest expense of $135,000 and $150,000, respectively.

Principles of Consolidation   The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material inter-company transactions and accounts have been eliminated in consolidation.

Use of Estimates   The preparation of financial statements in conformity with GAAP 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 the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. These differences could have a material effect on the Company’s future results of operations and financial position. Significant items subject to estimates and assumptions include certain revenues, the carrying amounts of indefinite-lived intangible assets, depreciation and amortization, the valuation of stock warrants, and deferred income taxes.

Cash and Cash Equivalents   For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at November 30, 2017 and February 28, 2017.

Website Development Costs   The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized and costs incurred in the day to day operation of the website are expensed as incurred. All costs associated with the websites are subject to straight-line amortization over a three-year period.

Software Development Costs   The Company capitalizes internal software development costs subsequent to establishing technological feasibility of a software application in accordance with guidelines established by “ASC 985-20-25” Accounting for the Costs of Software to Be Sold, Leased, or Otherwise Marketed, requiring certain software development costs to be capitalized upon the establishment of technological feasibility. The establishment of technological feasibility and the ongoing assessment of the recoverability of these costs require considerable judgment by management with respect to certain external factors such as anticipated future revenue, estimated economic life, and changes in software and hardware technologies. Amortization of the capitalized software development costs begins when the product is available for general release to customers. Capitalized costs are amortized based on the greater of (a) the ratio of current gross revenues to the total current and anticipated future gross revenues, or (b) the straight-line method over the remaining estimated economic life of the product. For the nine months ended November 30, 2017 and the year ended February 28, 2017, all software has been placed in service and all costs associated with the software development have been expensed.

Impairment of Intangible Assets   In accordance with ASC 350-30-65 “Goodwill and Other Intangible Assets”, the Company assesses the impairment of identifiable intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important, which could trigger an impairment review include the following:   1. Significant underperformance compared to historical or projected future operating results;  2. Significant changes in the manner or use of the acquired assets or the strategy for the overall business; and  3. Significant negative industry or economic trends.   When the Company determines that the carrying value of an intangible asset may not be recoverable based upon the existence of one or more of the above indicators of impairment and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge. The Company measures any impairment based on a projected discounted cash flow method using a discount rate determined by management to be commensurate with the risk inherent to the current business model. Significant management judgment is required in determining whether an indicator of impairment exists and in projecting cash flows. The Company did not record an impairment charge on its intangible assets during the nine months ended November 30, 2017 and 2016, respectively. Intangible assets that have finite useful lives are amortized over their useful lives once placed into service. During the period ended November 30, 2017, the Company’s website has been deployed. The Company incurred amortization expense of $140,772 and $842,106 on its intangible assets, website, for the nine months ended November 30, 2017 and 2016, respectively.

Derivative Instruments   The Company enters into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain embedded derivative features. The Company accounts for these arrangements in accordance with Accounting Standards Codification topic 815, Accounting for Derivative Instruments and Hedging Activities (“ASC 815”) as well as related interpretations of this standard. In accordance with this standard, derivative instruments are recognized as either assets or liabilities in the balance sheet and are measured at fair values with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative instruments and hybrid instruments based on available market data using appropriate valuation models, considering all of the rights and obligations of each instrument.   The Company estimates fair values of derivative financial instruments using various techniques (and combinations thereof) that are considered consistent with the objective measuring fair values. In selecting the appropriate technique, the Company considers, among other factors, the nature of the instrument, the market risks that it embodies and the expected means of settlement. For less complex derivative instruments, such as freestanding warrants, the Company generally uses the Black-Scholes model, adjusted for the effect of dilution, because it embodies all of the requisite assumptions (including trading volatility, estimated terms, dilution and risk free rates) necessary to determine the fair value of these instruments. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes model) are highly volatile and sensitive to changes in the trading market price of our common stock. Since derivative financial instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility in these estimates and assumption changes. Under the terms of this accounting standard, increases in the trading price of the Company’s common stock and increases in fair value during a given financial quarter result in the application of non-cash derivative expense. Conversely, decreases in the trading price of the Company’s common stock and decreases in trading fair value during a given financial quarter result in the application of non-cash derivative income.   Based upon ASC 815-25, the Company has adopted a sequencing approach regarding the application of ASC 815-40 to its outstanding convertible debentures. Pursuant to the sequencing approach, the Company evaluates its contracts based upon earliest issuance date.

Reclassification   For comparability, certain prior year amounts have been reclassified, where appropriate, to conform to the financial statement presentation used in 2017. The reclassifications have no impact on net loss.

Earnings per Share   Basic earnings per share are computed by dividing net income or loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

Fair Value of Financial Instruments   The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0in"> </td> <td style="text-align: left; width: 0.5in">Level 1:</td> <td>Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0in"> </td> <td style="text-align: left; width: 0.5in">Level 2:</td> <td>Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0in"> </td> <td style="text-align: left; width: 0.5in">Level 3:</td> <td>Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.</td></tr> </table>   Financial instruments consist principally of cash, accounts receivable, prepaid expenses, accounts payable, accrued liabilities and other current liabilities. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature. The fair value of long-term debt is based on current rates at which the Company could borrow funds with similar remaining maturities. The carrying amounts approximate fair value. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.

Recent Accounting Pronouncements   In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The updated standard is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, and permits early adoption a year earlier, after December 15, 2016. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.   In February 2016, the FASB issued ASU 2016-02, Leases. This guidance requires an entity to recognize lease liabilities and a right-of-use asset for all leases on the balance sheet and to disclose key information about the entity’s leasing arrangements. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period, with earlier adoption permitted. ASU 2016-02 must be adopted using a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

The following table sets forth the line of credit and other notes payable as of November 30, 2017 and February 28, 2017:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Principal</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Line of Credit</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">November 30, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">February 28, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt; width: 74%">On June 15, 2016, we entered into a revolving line of credit agreement with Republic Bank, Inc. of Duluth, Minnesota (“Republic”), in the maximum amount of $1,000,000. Amounts borrowed under the line of credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on July 15, 2016. Any amounts borrowed under the line of credit are originally due on June 15, 2017; however, on June 12, 2017, the line of credit was extended for 90 days through September 13, 2017. On December 22, 2016, the revolving line of credit was increased to $1,200,000; all other terms of the revolving line of credit remain unchanged. On September 15, 2017, we entered into a replacement revolving line of credit agreement with Republic, which replaced and superseded our prior line of credit with Republic originally entered into in June 2016. The Line of Credit is in an amount of up to $1.2 million, which borrowed amount is due and payable by us on September 15, 2018. Amounts borrowed under the Line of Credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on October 15, 2017. The loan contains standard and customary events of default and no financial covenants. From June 16, 2016 through November 30, 2017, we have made draws of $1,193,000 under the line of credit.</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%">1,193,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%"> </td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%">1,193,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">1,193,000</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">1,193,000</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> </table>

The following table sets forth common stock purchase warrants outstanding as of November 30, 2017 and February 28, 2017, and changes in such warrants outstanding for the nine months ended November 30, 2017:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Warrants</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted  Average Exercise Price </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 74%">Outstanding, February 28, 2017</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 10%">2,020,088</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">2.24</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify">Warrants granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,051,869</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2.09</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt">Warrants exercised/cancelled/expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(920,372</td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">(1.82</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt">Outstanding, November 30, 2017</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,151,585</td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">2.51</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> </table>

The following schedule represents obligations under written commitments on the part of the Company that are not included in liabilities:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Current</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Long Term</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">February 28, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">February 28, 2019</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">February 28, 2020 and thereafter</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Totals</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 47%">Leases</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">20,487</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">68,959</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">—  </td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">89,446</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Other</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">15,030</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,520</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9,470</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">35,020</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-left: 0.125in">Totals</td> <td style="text-align: left; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: black 3px double; text-align: left">$</td> <td style="border-bottom: black 3px double; text-align: right">35,517</td> <td style="text-align: left; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: black 3px double; text-align: left">$</td> <td style="border-bottom: black 3px double; text-align: right">79,479</td> <td style="text-align: left; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: black 3px double; text-align: left">$</td> <td style="border-bottom: black 3px double; text-align: right">9,470</td> <td style="text-align: left; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: black 3px double; text-align: left">$</td> <td style="border-bottom: black 3px double; text-align: right">124,465</td> <td style="text-align: left; padding-bottom: 3px"> </td></tr> </table>

181510

104233

600000

900000

-168500

245958

214582

P3Y

140772

842106

15000 750000 0.06

0.51

0.715

0.10

45000

750000

1000000

1.00

5.00

2900000

0.06

(a) six percent per annum until the end of the last day of the month in which the sale occurred; and (b) the greater of (i) six percent per annum and (ii) the prime rate plus 3 3/4% per annum, thereafter through maturity, which maturity date is August 31, 2020, provided that the interest rate increases to twelve percent upon the occurrence of an event of default.

0.0499

44470101

10359890

1341533

0.20

750000

0.51

45000

2018-05-15

1193000

46510

39678

248

135000

150000

2017-06-15

2018-09-15

1000000

1200000

75000

1200000

0.01

1193000

0.06

Accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity)

Accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity)

Payable monthly in arrears beginning on July 15, 2016.

Payable monthly in arrears beginning on October 15, 2017.

2017-12-17

2017-12-01

2017-12-17

1409326

704663

Conversion price equal to 80% of the 5 day trailing average closing price of our common stock prior to conversion.

2900000

2020088

3151585

2051869

76625

180000

57444

920372

2.24

2.51

2.09

1.82

0.10

1102066

1025233

2.10

2.00

2.10

1.05

2.00

2.10

2.00

2.10

2.00

1712500

75444

427300

1712500

704663

3739222

1532500

25000

87500

5000

12500

25000

50000

20000

44470101

52500

376567

3023933

139888

1073878

3425000

1409326

105000

1869611

3151585

2.12

P4Y4M24D

167635

450945

55300 1146250 47500 62000 100000 5000 281925

0.0214

6.74

0.0000

P1Y

P5Y

1869611

3789222

500000

50000

175000

10000

25000

50000

100000

35517

20487

15030

79479

68959

10520

9470 9470

124465

89446

35020

P3Y

60555

59262

66132

700000

1200000 700000

Acknew Investments, Inc. and Vice Regal Developments Inc. (Claimants)

behalf of persons who purchased our common stock and exercised options between April 6, 2012 and June 23, 2016

81572

7613

75000

20000

112500

575372 3185000 18696

1409326

45000 45000

2.97

2.30

2.50

100000

500000

86957

2000

20000

1485000

200000

5000

45800

75000

275000

600000

1446000

1500000

2.41

100000

1186957

3131001

160000

0.05

875000

271250 36142 1146250 1203563 1203563 95000 130200 200000 10500

1869611

-3045319

-2870269

498831

Note 9 – Related Party Transactions   On July 31, 2017, the Company entered into a Common Stock and Warrant Purchase Agreement, with certain accredited investors. A required term of the Common Stock and Warrant Purchase Agreement was that William Kerby, our Chief Executive Officer and Chairman and Donald P. Monaco, our Director, on behalf of themselves and the entities which they control, convert the 1,869,611 shares of Series A 10% Cumulative Convertible Preferred Stock beneficially owned by them (representing all of our then outstanding shares of Series A Preferred Stock) into 3,789,222 shares of common stock of the Company, which conversions were effective July 28, 2017.   Furthermore, officers and directors of the Company and their affiliates had to invest at least an aggregate of $500,000 into the Company on the same terms as the accredited investors. In connection therewith, William Kerby, the Chief Executive Officer and Chairman of the Company, purchased $50,000 of the Securities (25,000 shares of common stock and Warrants); Simon Orange, a member of the Board of Directors of the Company, purchased $175,000 of the Securities (87,500 shares of common stock and Warrants); Donald Monaco, a member of the Board of Directors of the Company, purchased $175,000 of the Securities (87,500 shares of common stock and Warrants); Pat LaVecchia, a member of the Board of Directors of the Company, purchased $10,000 of the Securities (5,000 shares of common stock and Warrants); and Robert J. Post, a member of the Board of Directors of the Company, purchased $25,000 of the Securities (12,500 shares of common stock and Warrants). Additionally, Stephen Romsdahl, a significant stockholder of the Company, purchased $50,000 of the Securities (25,000 shares of common stock and Warrants) and another non-related party, who is a key distributor of the Company, purchased $100,000 of the Securities (50,000 shares of common stock and Warrants).   On August 24, 2017, and effective on August 22, 2017, we entered into a Debt Conversion and Voting Agreement with Mark A. Wilton, a significant stockholder of the Company. Pursuant to the Debt Conversion Agreement, we converted various promissory notes which Mr. Wilton held in the Company, which had an aggregate principal balance of $1,409,326 and were due and payable on December 17, 2017, into 704,663 shares of our restricted common stock. Additionally, we agreed to pay Mr. Wilton $45,000 in cash, payable at the rate of $15,000 per month in September, October and November, 2017.   For the three months ending November 30, 2017, the Company accrued a contractual bonus of $160,000 to the Company’s Chief Operating Officer, Chief Financial Officer and Director. This amount is included in accounts payable and accrued expenses as of November 30, 2017 of $573,605.

147000

73959

20000000

U.S. District Court for the Southern District of Florida

-450945

Note 11 – Business Segment Reporting   Accounting Standards Codification 280-16 “Segment Reporting”, established standards for reporting information about operating segments in annual consolidated financial statements and required selected information about operating segments in interim financial reports issued to stockholders. It also established standards for related disclosures about products, services, and geographic areas. Operating segments are defined as components of the enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance.   The Company has one operating segment consisting of various products and services related to its online marketplace of travel and related logistics including destination tours / activities, accommodation rental listings, hotel listings, air and car rental. The Company’s chief operating decision maker is considered to be the Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the single operating segment level.

.01 16092 P100D P60D 1609125 P120D

-281

Note 5 – Line of Credit and Other Notes Payable   The following table sets forth the line of credit and other notes payable as of November 30, 2017 and February 28, 2017:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Principal</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Line of Credit</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">November 30, 2017</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">February 28, 2017</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 74%; text-align: justify; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">On June 15, 2016, we entered into a revolving line of credit agreement with Republic Bank, Inc. of Duluth, Minnesota (“Republic”), in the maximum amount of $1,000,000. Amounts borrowed under the line of credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on July 15, 2016. Any amounts borrowed under the line of credit are originally due on June 15, 2017; however, on June 12, 2017, the line of credit was extended for 90 days through September 13, 2017. On December 22, 2016, the revolving line of credit was increased to $1,200,000; all other terms of the revolving line of credit remain unchanged. On September 15, 2017, we entered into a replacement revolving line of credit agreement with Republic, which replaced and superseded our prior line of credit with Republic originally entered into in June 2016. The Line of Credit is in an amount of up to $1.2 million, which borrowed amount is due and payable by us on September 15, 2018. Amounts borrowed under the Line of Credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on October 15, 2017. The loan contains standard and customary events of default and no financial covenants. From June 16, 2016 through November 30, 2017, we have made draws of $1,193,000 under the line of credit.</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,193,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,193,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,193,000</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,193,000</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   Interest charged to operations relating to the above line of credit note was $46,510 and $39,678, respectively, for the nine months ended November 30, 2017 and 2016.   As of November 30, 2017, accrued interest is $0 and was $0 as of February 28, 2017. Interest obligations on the line of credit are current.   On July 20, 2017, we entered into a $75,000 short term demand loan with a stated interest rate of 6% per annum for funds received from In Room Retail, Inc., which is owned by William Kerby, CEO and Chairman of the Company. This demand loan was repaid on August 9, 2017.   Interest charged to operations relating to the above note was $248 and $0, respectively, for the nine months ended November 30, 2017 and 2016.

19647639

Note 1 – Summary of Business Operations and Significant Accounting Policies   Nature of Operations and Business Organization   Monaker Group, Inc. and its subsidiaries (“Monaker”, “we”, “our”, “us”, or “Company”) operate an online marketplace for the alternative lodging rental industry. Alternative lodging rentals (ALRs) are whole unit vacation homes or timeshare resort units that are fully furnished, privately owned residential properties, including homes, condominiums, villas and cabins, that property owners and managers rent to the public on a nightly, weekly or monthly basis. As an added feature to our ALR offerings, we also provide access to airline, car rental, hotel, cruise and activities products along with concierge tours and activities, at the destinations, that are catered to the traveler through our Maupintour products.   We provide a vacation rental platform with auxiliary services so travelers can purchase vacations through our websites that include NextTrip.com, Maupintour.com and EXVG.com or through distributors of the Company’s ALRs, while providing inquiries and bookings to property owners and managers. NextTrip serves three major constituents: (1) property owners and managers, (2) travelers, and (3) other distributors. Property owners and managers provide detailed listings of their properties to the Company with the goal of reaching a broad audience of travelers seeking ALRs. The property owners and managers provide us their properties, at a preferential net rate for each booking and, in return, their properties are listed for free as an available ALR on NextTrip.com (as well as other distributors of the Company’s ALRs). Travelers visit NextTrip.com (as well as other distributors of the Company’s ALRs) and are able to search and compare our large and detailed inventory of listings to find ALRs meeting their needs.   Monaker is a technology driven travel company with ALR products as its distinguishing niche. The ALRs are owned and leased by third parties and are available to rent through Monaker’s websites as well as other distributors of Monaker’s ALRs. Monaker’s services include critical elements such as technology, an extensive film library, trusted brands and established partnerships that enhance product offerings and reach. Monaker has video content, key industry relationships and a prestigious Travel Brand as cornerstones for the development and planned deployment of core-technology on both proprietary and partnership platforms.   Monaker sells travel services to leisure and corporate customers around the world. The primary focus is on providing ALR options as well as providing schedule, pricing and availability information for booking reservations for airlines, hotels, rental cars, cruises and other travel products such as sightseeing tours, show and event tickets and theme park passes. The Company sells these travel services both individually and also as components of dynamically-assembled packaged travel vacations and trips. In addition, the Company provides proprietary videos that present travelers with information about travel destinations, maps and other travel details. In May 2017, the Company introduced its new Travel Platform under the NextTrip brand. This platform continues to be improved with a focus on maximizing the consumer’s experience and assisting them in the decision and purchasing process.   The platform is a combination of proprietary and licensed technology (described below) that connects and searches large travel suppliers of alternative lodging inventories to present to consumers comprehensive and optimal alternatives at the most inexpensive rates to choose from.   The Company sells its travel services through various distribution channels including (i) direct to consumers through its websites (NextTrip.com and EXVG.com), its mobile application (“app”), and a toll-free telephone number designed to assist customers with complex or high-priced offerings of Maupintour and, (ii) the Company plans to provide real-time bookable ALRs to other distributors (such as other travel companies’ websites and networks of third-party travel agents) who will sell the ALRs to their customers.   Monaker’s core holdings include NextTrip.com, Maupintour.com and EXVG.com. NextTrip.com is the primary website, where travel services and products are booked. The travel services and products include ALRs, tours, activities/attractions, airline, hotel, and car rentals. Maupintour complements the Nextrip.com offering by providing high-end tour packages and activities/attractions. EXVG.com is the website where ALRs, that are not real-time bookable, will be promoted.   Interim Financial Statements   These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended February 28, 2017 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”).   The results of operations for the nine months ended November 30, 2017, are not necessarily indicative of the results to be expected for the full fiscal year ending February 28, 2018.   Principles of Consolidation   The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material inter-company transactions and accounts have been eliminated in consolidation.   Use of Estimates   The preparation of financial statements in conformity with GAAP 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 the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. These differences could have a material effect on the Company’s future results of operations and financial position. Significant items subject to estimates and assumptions include certain revenues, the carrying amounts of indefinite-lived intangible assets, depreciation and amortization, the valuation of stock warrants, and deferred income taxes.   Cash and Cash Equivalents   For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at November 30, 2017 and February 28, 2017.   Website Development Costs   The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized and costs incurred in the day to day operation of the website are expensed as incurred. All costs associated with the websites are subject to straight-line amortization over a three-year period.   Software Development Costs   The Company capitalizes internal software development costs subsequent to establishing technological feasibility of a software application in accordance with guidelines established by “ASC 985-20-25” Accounting for the Costs of Software to Be Sold, Leased, or Otherwise Marketed, requiring certain software development costs to be capitalized upon the establishment of technological feasibility. The establishment of technological feasibility and the ongoing assessment of the recoverability of these costs require considerable judgment by management with respect to certain external factors such as anticipated future revenue, estimated economic life, and changes in software and hardware technologies. Amortization of the capitalized software development costs begins when the product is available for general release to customers. Capitalized costs are amortized based on the greater of (a) the ratio of current gross revenues to the total current and anticipated future gross revenues, or (b) the straight-line method over the remaining estimated economic life of the product. For the nine months ended November 30, 2017 and the year ended February 28, 2017, all software has been placed in service and all costs associated with the software development have been expensed.   Impairment of Intangible Assets   In accordance with ASC 350-30-65 “Goodwill and Other Intangible Assets”, the Company assesses the impairment of identifiable intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important, which could trigger an impairment review include the following:   1. Significant underperformance compared to historical or projected future operating results;  2. Significant changes in the manner or use of the acquired assets or the strategy for the overall business; and  3. Significant negative industry or economic trends.   When the Company determines that the carrying value of an intangible asset may not be recoverable based upon the existence of one or more of the above indicators of impairment and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge. The Company measures any impairment based on a projected discounted cash flow method using a discount rate determined by management to be commensurate with the risk inherent to the current business model. Significant management judgment is required in determining whether an indicator of impairment exists and in projecting cash flows. The Company did not record an impairment charge on its intangible assets during the nine months ended November 30, 2017 and 2016, respectively. Intangible assets that have finite useful lives are amortized over their useful lives once placed into service. During the period ended November 30, 2017, the Company’s website has been deployed. The Company incurred amortization expense of $140,772 and $842,106 on its intangible assets, website, for the nine months ended November 30, 2017 and 2016, respectively.     Convertible Debt Instruments   The Company records debt net of debt discount for beneficial conversion features and warrants, on a relative fair value basis. Beneficial conversion features are recorded pursuant to the Beneficial Conversion and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discount and as additional paid-in-capital. Debt discount is amortized to interest expense over the life of the debt.   Derivative Instruments   The Company enters into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain embedded derivative features. The Company accounts for these arrangements in accordance with Accounting Standards Codification topic 815, Accounting for Derivative Instruments and Hedging Activities (“ASC 815”) as well as related interpretations of this standard. In accordance with this standard, derivative instruments are recognized as either assets or liabilities in the balance sheet and are measured at fair values with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative instruments and hybrid instruments based on available market data using appropriate valuation models, considering all of the rights and obligations of each instrument.   The Company estimates fair values of derivative financial instruments using various techniques (and combinations thereof) that are considered consistent with the objective measuring fair values. In selecting the appropriate technique, the Company considers, among other factors, the nature of the instrument, the market risks that it embodies and the expected means of settlement. For less complex derivative instruments, such as freestanding warrants, the Company generally uses the Black-Scholes model, adjusted for the effect of dilution, because it embodies all of the requisite assumptions (including trading volatility, estimated terms, dilution and risk free rates) necessary to determine the fair value of these instruments. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes model) are highly volatile and sensitive to changes in the trading market price of our common stock. Since derivative financial instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility in these estimates and assumption changes. Under the terms of this accounting standard, increases in the trading price of the Company’s common stock and increases in fair value during a given financial quarter result in the application of non-cash derivative expense. Conversely, decreases in the trading price of the Company’s common stock and decreases in trading fair value during a given financial quarter result in the application of non-cash derivative income.   Based upon ASC 815-25, the Company has adopted a sequencing approach regarding the application of ASC 815-40 to its outstanding convertible debentures. Pursuant to the sequencing approach, the Company evaluates its contracts based upon earliest issuance date.   Reclassification   For comparability, certain prior year amounts have been reclassified, where appropriate, to conform to the financial statement presentation used in 2017. The reclassifications have no impact on net loss.   Earnings per Share   Basic earnings per share are computed by dividing net income or loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.   Fair Value of Financial Instruments   The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0in; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">Level 1: </td><td style="font: 10pt Times New Roman, Times, Serif">Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.</td> </tr></table>   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0in; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">Level 2:</td><td style="font: 10pt Times New Roman, Times, Serif"> Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</td> </tr></table>   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0in; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">Level 3:</td><td style="font: 10pt Times New Roman, Times, Serif"> Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.</td> </tr></table>   Financial instruments consist principally of cash, accounts receivable, prepaid expenses, accounts payable, accrued liabilities and other current liabilities. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature. The fair value of long-term debt is based on current rates at which the Company could borrow funds with similar remaining maturities. The carrying amounts approximate fair value. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.    Recent Accounting Pronouncements   In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The updated standard is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, and permits early adoption a year earlier, after December 15, 2016. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.   In February 2016, the FASB issued ASU 2016-02, Leases. This guidance requires an entity to recognize lease liabilities and a right-of-use asset for all leases on the balance sheet and to disclose key information about the entity’s leasing arrangements. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period, with earlier adoption permitted. ASU 2016-02 must be adopted using a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

Convertible Debt Instruments   The Company records debt net of debt discount for beneficial conversion features and warrants, on a relative fair value basis. Beneficial conversion features are recorded pursuant to the Beneficial Conversion and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discount and as additional paid-in-capital. Debt discount is amortized to interest expense over the life of the debt.

Note 3 – Investment in Equity Instruments and Deconsolidation   We assess the potential impairment of our equity method investments when indicators such as a history of operating losses, negative earnings and cash flow outlook, and the financial condition and prospects for the investee’s business segment might indicate a loss in value. We have recognized an impairment loss on investment in unconsolidated affiliate. As of November 30, 2017 and February 28, 2017, Monaker owned 44,470,101 shares of RealBiz Media Group, Inc. (RealBiz) Series A Preferred Stock and 10,359,890 shares of RealBiz common stock, notwithstanding RealBiz’s attempt in January 2017 to cancel the majority of such shares as discussed below and the pending litigation in connection therewith. This interest, along with a net receivable balance due, has been written down to zero ($0) as of November 30, 2017 and February 28, 2017 to reflect the realizable value of this investment and asset.   On November 16, 2016, RealBiz notified Monaker that the Board of Directors of RealBiz voted to cancel and retire all issued and outstanding shares of RealBiz Preferred Stock and all but 1,341,533 shares of common stock of RealBiz held by Monaker. On January 18, 2017, RealBiz unilaterally cancelled all shares of common stock of RealBiz held by Monaker. RealBiz’s announced cancellation and retirement was without Monaker’s consent, and done in violation of Delaware law, federal law and the terms of RealBiz’s preferred and common stock. We filed a complaint on November 30, 2016 (Monaker Group, Inc., f/k/a Next 1 Interactive, Inc. v. RealBiz Media Group, Inc., f/k/a Webdigs, Inc. and American Stock Transfer & Trust Company, LLC Case No.: 1:16-cv-24978-DLG), seeking damages and injunctive and declaratory relief, arising from RealBiz’s declared cancellation and retirement of the shares, which action is still pending.   On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 as settlement expense for the nine months ended September 30, 2017.

Note 4 – Acquisitions and Dispositions   On May 16, 2016, the Company entered into a Membership Interest Purchase Agreement for the sale of its 51% membership interest in Name Your Fee, LLC in exchange for a Promissory Note, maturing on May 15, 2018, in the amount of $750,000 plus the cancellation of $45,000 in existing promissory notes due from the purchaser. The Promissory Note does not accrue interest, is secured by the 51% membership interest in Name Your Fee, LLC and will be repaid through 20% of the net earnings received in NameYourFee.com through maturity. The Note contains standard and customary events of default. The principal amount of the note is due on May 15, 2018, provided that it will not be an event of default under the note unless the note is not repaid within 60 days after such maturity date (i.e., by July 14, 2018). As of November 30, 2017, the outstanding balance is $750,000.   On August 31, 2017, we entered into the Assignment described in greater detail in Note 2 above, with Bettwork and Crystal Falls, which entity purchased our 51% membership interest in Name Your Fee, LLC in May 2016, in consideration for among other things, the $750,000 Name Your Fee Note. Pursuant to the Assignment, the Name Your Fee Note, which had a principal balance of $750,000 as of the date of the Assignment, was assigned from Crystal Falls to Bettwork, we agreed to only look to Bettwork for the repayment of the Name Your Fee Note, Bettwork agreed to repay the Name Your Fee Note pursuant to its terms, and we provided Crystal Falls a novation of amounts owed thereunder. Crystal Falls also released us from any and all claims in connection with such Name Your Fee Note and any other claims which Crystal Falls then had. The Assignment also amended the Name Your Fee Note to include an option which allows us to convert the amount owed under the Name Your Fee Note into shares of Bettwork’s common stock at a conversion price of $1.00 per share.    On October 23, 2017, Monaker entered into a Platform Purchase Agreement with Exponential, Inc. (“XPO”), which offers a white-label e-commerce platform. Pursuant to the Platform Purchase Agreement, XPO agreed to provide us software development services in connection with the development of an e-commerce platform (the Monaker Booking Engine (MBE)) and related application program interfaces (APIs), and to further manage all merchant relationships sold on the platform and reporting and accounting thereof. Monaker issued XPO 500,000 shares of restricted common stock at $2.97 each share for a total acquisition of $1,485,000. Additional consideration for the issuance of the shares included Monaker becoming the exclusive provider of alternative lodging rentals (ALRs) for all travel sales on XPO’s platforms.   On November 14, 2017, Monaker entered into a Purchase Agreement with Michael Heinze, Michael Kistner and Rebecca Dernbach whereby Monaker purchased the source code owned in connection with an alternative lodging platform for $75,000 in cash and 86,957 shares of restricted common stock with a market value of $2.30 per share and an aggregate value of $200,000 for a total acquisition of $275,000. Michael Heinze, Michael Kistner and Rebecca Dernbach have the right to put the Shares back to Monaker after six months after the date of the Purchase Agreement for $125,000 in cash.   On November 21, 2017, Monaker entered into a Purchase Agreement with A-Tech LLC on behalf of its wholly-owned subsidiary Parula Village Ltd. (“A-Tech”) whereby Monaker purchased from A-Tech ownership of 12 parcels of land on Long Caye, Lighthouse Reef, Belize for 600,000 shares of restricted common stock at $2.41 each share for a total acquisition of $1,446,000 plus the accrual of $54,000 to account for the guaranteed purchase price of $1,500,000. Additionally, A-Tech agreed to construct 12 vacation rental residences on the Property within 270 days of closing of the transaction; if the vacation rental residences are not completed within the 270 days, Monaker will cancel 30,000 shares, valued at $75,000 (of the previously issued 600,000 shares of restricted common stock) for each residence not completed. In the event the average closing price of Monaker’s common stock for the 10 trading days prior to the 90th day after the closing of the transaction is less than $2.50 per share, Monaker has the option to issue up to an additional 100,000 shares of our restricted common stock such that the value of the shares issued to A-Tech totals $1.5 million (subject to the 100,000 restricted common share maximum). In the event any encumbrances, taxes, levies, claims or liens of any kind are brought against the Property within 24 months of the closing, Monaker has the right at its sole discretion to either unwind the transaction and cancel all the shares issued to A-Tech or have A-Tech take actions to settle such claims.

Note 7 – Deferred Gain   On August 31, 2017 we sold non-core assets for $2,900,000 (with a net book value of $0) which included our 71.5% membership interest in Voyages North America, LLC, our 10% ownership in Launch360 Media, Inc., rights to broadcast television commercials for 60 minutes every day on R&R TV network stations and our technology platform for Home & Away Club (as described in Note 2 and in greater detail below under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” – “Liquidity and Capital Resources” - “Recent Significant Funding Transactions” – “Bettwork Purchase Agreement, Secured Note and Assignment and Novation”).   The gain on the sale of the non-core assets (described above) is a deferred gain until such time as Bettwork completes its filings of current financial information with the OTC Markets and further implements its business plans and management can determine collectibility is reasonably assured.

Note 8 – Stockholders’ Equity   Preferred stock   The aggregate number of shares of preferred stock that the Company is authorized to issue is up to One Hundred Million (100,000,000), with a par value of $0.00001 per share (“the Preferred Stock”) with the exception of Series A Preferred Stock shares having a $0.01 par value. The Preferred Stock may be divided into and issued in series. The Board of Directors of the Company is authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes. The Board of Directors of the Company is authorized, within any limitations prescribed by law and the articles of incorporation, to fix and determine the designations, rights, qualifications, preferences, limitations and terms of the shares of any series of Preferred Stock.    On September 22, 2017, we filed Certificate of Withdrawal of Certificate of Designations relating to our Series B, Series C and Series D Preferred Stock and terminated the designation of our Series B, Series C and Series D Preferred Stock. The designations previously included (a) 3,000,000 shares of preferred stock designated as Non-Voting Series B 10% Cumulative Convertible Preferred Stock; (b) 3,000,000 shares of preferred stock designated as Non-Voting Series C 10% Cumulative Convertible Preferred Stock; and (c) 3,000,000 shares of preferred stock designated as Non-Voting Series D 10% Cumulative Convertible Preferred Stock. The Certificate of Withdrawal of Certificate of Designations did not affect the Company’s previously designated shares of Series A 10% Cumulative Convertible Preferred Stock.   Series A Preferred Stock   The Company has authorized and designated 3,000,000 shares of Preferred Stock as Series A 10% Cumulative Convertible Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”). The holders of record of shares of Series A Preferred Stock shall be entitled to vote on all matters submitted to a vote of the shareholders of the Company and shall be entitled to one hundred (100) votes for each share of Series A Preferred Stock.   On July 31, 2017, the Company entered into a Common Stock and Warrant Purchase Agreement, with certain accredited investors. A required term of the Common Stock and Warrant Purchase Agreement was that William Kerby, our Chief Executive Officer and Chairman and Donald P. Monaco, our Director, on behalf of themselves and the entities which they control, convert the 1,869,611 shares of Series A 10% Cumulative Convertible Preferred Stock beneficially owned by them (representing all of our then outstanding shares of Series A Preferred Stock) into 3,789,222 shares of common stock of the Company, which conversions were effective July 28, 2017.   Dividends in arrears on the outstanding Series A Preferred Stock shares totaled $1,102,066 and $1,025,233 as of July 31, 2017 (date the Series A Preferred Stock shares were converted to common stock) and February 28, 2017, respectively. These dividends will only be payable when and if declared by the Board.   The Company had 0 and 1,869,611 shares of Series A Preferred Stock issued and outstanding as of November 30, 2017 and February 28, 2017.   Common Stock   During the nine months ended November 30, 2017, the Company:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 3%; text-align: center; font: 10pt Times New Roman, Times, Serif">●</td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 96%; text-align: justify; font: 10pt Times New Roman, Times, Serif">Sold 1,712,500 shares of common stock and 1,712,500 warrants to purchase 1,712,500 shares of common stock with an exercise price of $2 per share (“Warrants”), for gross proceeds of $3,425,000. The cost of capital was $376,567 and net proceeds were $3,023,933 in the private transactions.</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Issued 427,300 shares of common stock, valued at $1,073,878 for stock compensation.</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Issued 75,444 shares of common stock for $139,888 in connection with the exercise of warrants.</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Issued 3,739,222 shares of common stock, in connection with a conversion of 1,869,611 Series A Preferred Stock shares.</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Issued 704,663 shares of common stock, valued at $1,409,326 in connection with the conversion of a convertible note. </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Issued 1,186,957 shares of common stock, valued at $3,131,001 in connection with the purchase of various assets.</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Retired 167,635 shares of common stock valued at $450,945 in connection with the settlement of a financial advisory agreement. In May 2017, we entered into a settlement agreement with a financial advisory firm who was engaged to raise capital per an agreement signed in October 2016. Based upon the firm’s inability to meet any of the agreed upon milestones, the firm agreed to return all the consideration paid for the services. The Company recorded a $450,945 credit to stock compensation in May 2017 as a result of the settlement.</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> The Company had 18,812,389 and 11,133,938 shares of common stock issued and outstanding as of November 30, 2017 and February 28, 2017, respectively.   On July 31, 2017, the Company entered into a Common Stock and Warrant Purchase Agreement “Purchase Agreement,” with certain accredited investors named therein (collectively, the “Purchasers”). Under the terms of the Purchase Agreement, which closed on August 11, 2017, the Company sold the Purchasers 1,532,500 shares of the Company’s common stock and warrants to purchase 1,532,500 shares of common stock.   In connection with the aforementioned Common Stock and Warrant Purchase Agreement, the Company agreed that until August 11, 2018, if the Company or any subsidiary thereof issues or agrees to issue any (i) common stock or (ii) any securities of the Company or the subsidiary that would entitle the holder thereof to acquire at any time common stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time directly or indirectly convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, common stock, except for certain Exempt Issuances (defined below), entitling any person or entity to acquire shares of common stock at an effective price per share less than $2.00, within three trading days of the date thereof we are required to issue to such Purchaser additional shares of common stock based on the formula set forth in the Purchase Agreement.   The exercise price of the Warrants is $2.10 per share, subject to adjustment as provided therein, and the Warrants are exercisable beginning on July 31, 2017 through July 30, 2022. The exercise price and number of shares of common stock issuable upon the exercise of the Warrants are subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, and will also be subject to anti-dilution adjustments in the event the Company issues or is deemed to have issued any securities below the then exercise price of the Warrants, subject to certain exceptions (i.e., the Exempt Issuances, described below), during the 12 months following the closing date.   In connection with the Purchase Agreement, the Company agreed to use commercially reasonable efforts to file a registration statement on Form S-1 (or Form S-3, if available) with the SEC (the “Registration Statement”) within 45 days following the closing of the offering (which date was September 25, 2017, and which Registration Statement was timely filed) to register the resale of the Shares and Warrant Shares and to cause the Registration Statement to become effective within 120 days following the closing of the offering (which date was December 9, 2017), subject to penalties as described in the Purchase Agreement. The Registration Statement was filed on September 25, 2017 and became effective on November 13, 2017, prior to the required effectiveness deadline.   Pursuant to the Purchase Agreement, we agreed that we will not, and we will ensure that our directors and officers and their affiliates will not, without the prior written consent of all Purchasers, from the date of execution of the Purchase Agreement and continuing to and including the date 90 days after the effective date of the registration statement, of which this prospectus forms a part (the “Lock-Up Period”), (A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any shares of common stock or any securities convertible into or exercisable or exchangeable for common stock or (B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the common stock, whether any such transaction described in clause (A) or (B) above is to be settled by delivery of common stock or such other securities, in cash or otherwise, however, the Company may conduct an Exempt Issuance (as defined below) without the prior written consent of all Purchasers. “Exempt Issuance” means the issuance of (a) shares of common stock or options to employees, consultants, officers or directors of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the board of directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose, (b) securities upon the exercise of or conversion of any convertible securities, options or warrants issued and outstanding on the date of the Purchase Agreement, provided that such securities have not been amended since the date of the Purchase Agreement to increase the number of such securities or to decrease the exercise or conversion price of any such securities, and (c) securities issued pursuant to acquisitions or strategic transactions, provided any such issuance shall only be to a person which is, itself or through its subsidiaries, an operating company in which the Company receives benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.   Pursuant to the Purchase Agreement, we agreed that until the 12 month anniversary of the closing of the Offering, i.e., August 11, 2018, if the Company or any subsidiary thereof issues or agrees to issue any (i) common stock or (ii) any securities of the Company or the subsidiary that would entitle the holder thereof to acquire at any time common stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time directly or indirectly convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, common stock, except for the Exempt Issuances, entitling any person or entity to acquire shares of common stock at an effective price per share less than $2.00, within three trading days of the date thereof the Company is required to issue to such Purchaser additional shares of common stock based on the formula set forth in the Purchase Agreement.   The Purchase Agreement also requires the Company to apply for listing of its common stock on the NASDAQ Capital Market within 60 days following the closing of the offering (which date was October 10, 2017 and which application was submitted on October 6, 2017) and to cause the Shares to be listed on the NASDAQ no later than 120 days following closing of the offering (which date was December 9, 2017). The Company’s common stock was not approved for listing on the NASDAQ Capital Market by the deadline of December 9, 2017, and the Company is in default of this requirement. Therefore, we are required to provide each Purchaser in the offering (and the placement agent in the offering), as partial liquidated damages for such delay, additional warrants equal to each Purchaser’s (and the agent’s) pro rata share of 1% of the warrants sold in the private placement offering (i.e., 16,092 warrants), per day, to each purchaser and the agent. Such liquidated damages continue to be due, each day that we fail to comply with the requirements above, up to a maximum of 100 days. As such, we are required to issue up to an additional 1,609,125 additional warrants in the event that we are never able to obtain a listing of our common stock on the NASDAQ.   Pursuant to the liquidated damages provision of the Purchase Agreement (as discussed above), and including the warrants granted to Pacific in consideration for the liquidated damages, the Company, through January 10, 2018, has granted warrants to purchase an additional 498,831 shares of common stock to the purchasers and the placement agent in the offering, which also has the right to receive additional warrants as if it was a purchaser under the Purchase Agreement.    Common Stock Warrants   During the nine months ended November 30, 2017, the Company granted a total of 281,925 warrants for services with a fair value of $440,748. The fair value was determined using the Black Scholes option pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 2.14% (ii) estimated volatility of 674% (iii) dividend yield of 0.00%, and (iv) expected life of the warrants of 1 - 5 years.   The following table sets forth common stock purchase warrants outstanding as of November 30, 2017 and February 28, 2017, and changes in such warrants outstanding for the nine months ended November 30, 2017:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Warrants</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Weighted  Average Exercise Price </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 74%; text-align: justify; font: 10pt Times New Roman, Times, Serif">Outstanding, February 28, 2017</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">2,020,088</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">2.24</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Warrants granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,051,869</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2.09</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Warrants exercised/cancelled/expired</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(920,372</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1.82</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2017</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,151,585</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2.51</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   As of November 30, 2017, there were 3,151,585 warrants outstanding with a weighted average exercise price of $2.12 and weighted average life of 4.40 years. During the nine months ended November 30, 2017, the Company granted 2,051,869 warrants to purchase 2,051,869 shares of common stock – 281,925 warrants for consulting fees, 180,000 warrants in connection with common stock subscriptions, 57,444 extended warrants after expiration and 1,532,500 warrants in connection with a Common Stock and Warrant Purchase Agreement entered into on July 31, 2017, as described in greater detail above.

Note 10 – Commitments and Contingencies   The Company leases its office space and certain office equipment under non-cancellable operating leases. In accordance with the terms of the office space lease agreement, the Company is renting the commercial office space, for a term of three years from January 1, 2016 through December 31, 2018. The rent for the nine months ended November 30, 2017 and 2016 was $60,555 and $59,262, respectively.   Our future minimum rental payments through February 28, 2018 amount to $66,132.   The following schedule represents obligations under written commitments on the part of the Company that are not included in liabilities:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Current</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Long Term</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">February 28, 2018</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">February 28, 2019</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">February 28, 2020 and thereafter</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Totals</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 47%; text-align: left; font: 10pt Times New Roman, Times, Serif">Leases</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">20,487</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">68,959</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">—  </td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">89,446</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Other</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,030</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,520</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,470</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">35,020</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Totals</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">35,517</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">79,479</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,470</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">124,465</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   On July 31, 2017, the Company entered into a Common Stock and Warrant Purchase Agreement which requires the Company to apply for listing of its common stock on the NASDAQ Capital Market within 60 days following the closing of the offering (which date was October 10, 2017 and the application was submitted on October 6, 2017) and to cause the Shares to be listed on the NASDAQ no later than 120 days following closing of the offering (which date was December 9, 2017). The Company’s common stock was not approved for listing on the NASDAQ Capital Market by the deadline of December 9, 2017, and the Company is in default of this requirement. Therefore, we are required to provide each Purchaser in the offering (and the placement agent in the offering), as partial liquidated damages for such delay, additional warrants equal to each Purchaser’s (and the agent’s) pro rata share of 1% of the warrants sold in the private placement offering (i.e., 16,092 warrants), per day, to each purchaser and the agent. Such liquidated damages continue to be due, each day that we fail to comply with the requirements above, up to a maximum of 100 days. As such, we are required to issue up to an additional 1,609,125 additional warrants in the event that we are never able to obtain a listing of our common stock on the NASDAQ.   The Company is committed to pay three to six months’ severance in the case of termination or death to certain key officers.   Legal Matters   The Company is involved, from time to time, in litigation, other legal claims and proceedings involving matters associated with or incidental to our business, including, among other things, matters involving breach of contract claims, intellectual property, employment issues, and other related claims and vendor matters. The Company believes that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on our financial condition or results of operations. However, assessment of the current litigation or other legal claims could change in light of the discovery of facts not presently known to the Company or by judges, juries or other finders of fact, which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or claims.    On March 28, 2016, the Company was presented with a Demand for Arbitration, pursuant to Rule 4(a) of the American Arbitration Association Commercial Rules of Arbitration, whereby Acknew Investments, Inc. and Vice Regal Developments Inc. (Claimants) are arguing that $700,000 is due to them, even though they have already been paid said amounts through preferred shares that were issued as a guarantee and which Claimants converted into shares of common stock. In connection with the purchase of the stock of the entity that eventually became RealBiz Media Group, Inc., the Company issued 380,000 shares of Monaker Series D Preferred Stock shares with a value of $1,900,000, which was considered the $1,200,000 value of the stock portion of the purchase price, and was also meant to guaranty the payment of the balance of $700,000. The Company contends that the obligation to pay the $700,000 was extinguished with the conversion of the Monaker Series D Preferred Stock shares into shares of common stock. The date for arbitration has not been set and the Company will vehemently defend its position.   On June 2, 2016, the Company paid an arbitration award of $81,572 ($73,959 plus interest of $7,613) to Twelfth Child Entertainment, LLC for a License Agreement settlement for rights to air programs regarding “Foreclosure to Fabulous” television programming on the Company’s previously owned media business that was sold on January 21, 2016. The Company absorbed this settlement as part of its partnership commitment with Launch Media 360 which is an investment of the Company.   On December 9, 2016, a class action lawsuit McLeod v. Monaker Group, Inc. et al (Case No.: 0:16-cv-62902-WJZ)) was filed against us, William Kerby, our Chief Executive Officer and Chairman, Donald Monaco, our director, and D’Arelli Pruzansky, P.A., our former auditor, in the U.S. District Court for the Southern District of Florida on behalf of persons who purchased our common stock and exercised options between April 6, 2012 and June 23, 2016 (the “Class Period”). The lawsuit focuses on whether the Company and its executives violated federal securities laws and whether the Company’s former auditor was negligent and makes allegations regarding the activities of certain Company executives. The lawsuit alleges and estimates total shareholders losses totaling approximately $20,000,000. The lawsuit stems from the Company’s announcement in June 2016 that it would have to restate its financial statements due to issues related to the Company’s investment in RealBiz. The lawsuit asks the court to confirm the action is a proper class action. We believe the claims asserted in the lawsuit are without merit and intend to vigorously defend ourselves against the claims made in the lawsuit. The Company has no basis for determining whether there is any likelihood of material loss associated with the claims and/or the potential and/or the outcome of the litigation. On February 16, 2017, we filed a Motion to Dismiss the lawsuit and on March 3, 2017, the Court entered an order staying discovery and all other proceedings pending resolution of the Motion to Dismiss. On March 31, 2017, the plaintiffs responded to the Motion to Dismiss, and the Motion to Dismiss is still pending with the court.   On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 of settlement expense for the nine months ended November 30, 2017.   The Company is unable to determine the estimate of the probable or reasonable possible loss or range of losses arising from the above legal proceedings.    Contractual Settlement   In May 2017, we entered into a settlement with a financial advisory firm who was engaged to raise capital per an agreement signed in October 2016. Based upon the firms inability to meet any of the agreed upon milestones, the firm agreed to return all the consideration paid for the services. The Company recorded $450,945 credit to stock compensation in May 2017 as a result of the settlement.

Note 12 – Subsequent Events   Our July 31, 2017 Common Stock and Warrant Purchase Agreement requires the Company to apply for listing of its common stock on the NASDAQ Capital Market within 60 days following the closing of the offering (which date was October 10, 2017 and which application was submitted on October 6, 2017) and to cause the Shares to be listed on the NASDAQ no later than 120 days following closing of the offering (which date was December 9, 2017). The Company’s common stock was not approved for listing on the NASDAQ Capital Market by the deadline of December 9, 2017, and the Company is in default of this requirement. Therefore, we are required to provide each Purchaser in the offering (and the placement agent in the offering), as partial liquidated damages for such delay, additional warrants equal to each Purchaser’s (and the agent’s) pro rata share of 1% of the warrants sold in the private placement offering (i.e., 16,092 warrants), per day, to each purchaser and the agent. Such liquidated damages continue to be due, each day that we fail to comply with the requirements above, up to a maximum of 100 days. As such, we are required to issue up to an additional 1,609,125 additional warrants in the event that we are never able to obtain a listing of our common stock on the NASDAQ.   On December 11, 2017, we issued 2,000 shares of common stock, valued at $5,000, as payment for services rendered to a consultant.   On December 12, 2017, we received $105,000 from Monaco Investment Partners II, LP, whose managing general partner is Donald Monaco a director of the Company and issued 52,500 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.   On December 14, 2017, we issued 20,000 shares of common stock to a consultant, valued at $45,800, as payment for marketing and investor relations services agreed to be rendered for a period of six months pursuant to the terms of an agreement.   On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 of settlement expense for the nine months ended November 30, 2017.    On January 10, 2018, pursuant to the liquidated damages provision of the Purchase Agreement (as discussed above), and including the warrants granted to Pacific in consideration for the liquidated damages, the Company entered into a First Amendment To Warrant (Amendment) agreement with Pacific Grove Capital LP (Pacific) which amended the Common Stock and Warrant Purchase Agreement (Purchase Agreement), entered into on July 31, 2017 through which Pacific acquired warrants to purchase 875,000 shares of our common stock. Through January 10, 2018, Pacific earned additional warrants to purchase 271,250 shares of our common as partial liquidated damages for delays in obtaining an uplisting to the NASDAQ Capital Market, which uplisting was required pursuant to the Purchase Agreement, to have occurred on or before December 9, 2017; these additional warrants (on substantially similar terms as the warrants granted in connection with the offering) are equal to Pacific’s pro rata share of 1% of the warrants sold pursuant to the Purchase Agreement for each day that the Company failed to obtain the NASDAQ listing (the “Liquidated Damages”). Total warrants held by Pacific as of January 10, 2018 were 1,146,250. We desired to incentivize Pacific to exercise the Warrants by reducing the exercise price of the warrants from $2.10 per share to $1.05 per share, provided that Pacific agreed to immediately exercise such 1,146,250 warrants for $1,203,563 in cash. Pursuant to the Amendment, the exercise price of the warrants was reduced as discussed above and Pacific exercised the warrants in cash. The Company will record the incentive at the time of modification.   On January 12, 2018, we received the $1,203,563 exercise price of the Pacific warrants and issued 1,146,250 shares of common stock to Pacific.   On January 12, 2018, we received $95,000 from Monaco Investment Partners II, LP, whose managing general partner is Donald Monaco a director of the Company, and issued 47,500 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.   On January 12, 2018, we received $130,200 in proceeds from Donald P Monaco Insurance Trust, whose trustee is Donald Monaco a director of the Company, and issued 62,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.10 per share.   On January 16, 2018, we received $200,000 in proceeds from Charcoal Investments, Ltd., whose trustee is Simon Orange a director of the Company, and issued 100,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.00 per share.   On January 12, 2018, we received $10,500 in proceeds from William Kerby, Chief Executive Officer and Chairman of the Board of Directors of the Company, and issued 5,000 shares of common stock in connection with the exercise of a warrant which had an exercise price of $2.10 per share.   The Purchase Agreement includes certain liquidated damage provisions which require the Company to grant to the purchasers who purchased securities pursuant to the Purchase Agreement (the “Purchasers”), as partial liquidated damages for any delay in obtaining an uplisting to the NASDAQ Capital Market (“NASDAQ”), which uplisting was required to have occurred, pursuant to the Purchase Agreement, on or before December 9, 2017 (the “Required Uplisting Date”), additional warrants (on substantially similar terms as the warrants granted pursuant to the Purchase Agreement) equal to each Purchaser’s pro rata share of 1% of the warrants sold pursuant to the Purchase Agreement, for each day that the Company fails to uplist its common stock to NASDAQ after the Required Uplisting Date. A total of up to 100% of the warrants sold pursuant to the Purchase Agreement may be issued to the Purchasers as Liquidated Damages.   Pursuant to the Liquidated Damages provision of the Purchase Agreement (as discussed above), and including the warrants granted to Pacific in consideration for the Liquidated Damages, the Company, through January 10, 2018, has granted warrants to purchase an additional 498,831 shares of common stock to the Purchasers and the placement agent in the offering, which also has the right to receive additional warrants as if it was a Purchaser under the Purchase Agreement.   Additionally, as a result of the reduction in the exercise price of the Pacific warrants which was agreed to pursuant to the Amendment, the anti-dilution provisions of the Purchase Agreement and the Purchaser warrants was triggered. Specifically, because the Company issued shares of common stock below (a) the $2.00 price per share of the securities sold pursuant to the Purchase Agreement, the Purchasers are due an additional 36,142 shares of the Company’s common stock; and (b) the $2.10 exercise price of the warrants sold pursuant to the Purchase Agreement (and the warrants granted to the placement agent), the exercise price of such warrants automatically decreased to $2.05 per share as a result of such anti-dilution.

54000

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Nov. 30, 2017	Jan. 16, 2018
Document And Entity Information
Entity Registrant Name	Monaker Group, Inc.
Entity Central Index Key	0001372183
Document Type	10-Q
Trading Symbol	MKGI
Document Period End Date	Nov. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--02-28
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		19,647,639
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018

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Consolidated Balance Sheet (Unaudited) - USD ($)	Nov. 30, 2017	Feb. 28, 2017
Current Assets
Cash	$ 895,518	$ 1,007,065
Notes receivable	750,000	750,000
Prepaid expenses and other current assets	8,078	42,894
Security deposits	15,000	15,000
Total current assets	1,668,596	1,814,959
Note receivable	2,900,000
Website development costs and intangible assets, net	2,561,348	772,069
Land	600,000
Deposit	900,000
Total assets	8,629,944	2,587,028
Current Liabilities
Line of credit	1,193,000	1,193,000
Accounts payable and accrued expenses	573,605	262,493
Other current liabilities	19,348	153,648
Convertible promissory notes - related party		1,409,326
Total current liabilities	1,785,953	3,018,467
Deferred gain	2,900,000
Total liabilities	4,685,953	3,018,467
Stockholders' equity (deficit)
Series A Preferred stock, $0.01 par value; 3,000,000 authorized; 0 and 1,869,611 shares issued and outstanding at November 30, 2017 and February 28, 2017, respectively		18,696
Common stock, $0.00001 par value; 500,000,000 shares authorized; 18,812,389 and 11,133,938 shares issued and outstanding at November 30, 2017 and February 28, 2017, respectively	188	111
Additional paid-in-capital	108,903,895	100,209,386
Accumulated deficit	(104,960,092)	(100,659,632)
Total stockholders' equity (deficit)	3,943,991	(431,439)
Total liabilities and stockholders' equity (deficit)	$ 8,629,944	$ 2,587,028

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Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares	Nov. 30, 2017	Feb. 28, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	3,000,000	3,000,000
Preferred stock, issued	0	1,869,611
Preferred stock, outstanding	0	1,869,611
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized	500,000,000	500,000,000
Common stock, issued	18,812,389	11,133,938
Common stock, outstanding	18,812,389	11,133,938

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Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Revenues
Travel and commission revenues	$ 142,063	$ 101,477	$ 410,907	$ 373,346
Total revenues	142,063	101,477	410,907	373,346
Operating expenses
General and administrative	400,061	777,522	1,115,881	1,883,450
Salaries and benefits	505,427	350,928	1,510,880	1,242,609
Stock-based compensation	603,418	748,462	947,241	968,985
Cost of revenues	112,058	98,224	302,555	294,433
Technology and development	269,520		587,816
Selling and promotions expense	37,032	137,273	65,634	166,721
Total operating expenses	1,927,516	2,112,409	4,530,007	4,556,198
Operating loss	(1,785,453)	(2,010,932)	(4,119,100)	(4,182,852)
Other income (expense)
Interest expense	(16,006)	(66,281)	(181,510)	(189,678)
Gain on extinguishment of debt				97,943
Interest income	150		150
Loss on legal settlement				(81,832)
Gain on sales of investments				245,958
Loss on investment		(168,500)		(168,500)
Other income		(281)
Total other expense	(15,856)	(235,062)	(181,360)	(96,109)
Net loss	$ (1,801,309)	$ (2,245,994)	$ (4,300,460)	$ (4,278,961)
Weighted average number of common shares outstanding (in shares)	17,864,402	9,340,277	14,186,032	8,078,582
Basic and diluted net loss per share (in dollar per shares)	$ (0.10)	$ (0.24)	$ (0.30)	$ (0.53)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Cash flows from operating activities:
Net income (loss) applicable to Monaker Group, Inc.	$ (4,300,460)	$ (4,278,961)
Adjustments to reconcile net loss to net cash from operating activities:
Stock based compensation and consulting fees	956,741	1,110,423
Amortization of intangibles	140,770	835,698
Gain on settlement of debt		(97,943)
Gain on sale of assets		(245,958)
Loss on investment		168,500
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable and accrued expenses	257,114	(144,965)
Decrease in prepaid expenses and other current assets	34,816	23,586
Decrease in other current liabilities	(134,300)	(238,855)
Increase in security deposits		(1,794)
Net cash used in operating activities	(3,045,319)	(2,870,269)
Cash flows from investing activities:
Payment related to website development cost	(245,049)	(630,864)
Net cash used in investing activities	(245,049)	(630,864)
Cash flows from financing activities:
Payments on other notes payable		(214,582)
Proceeds from shareholder loans	75,000	20,000
Payments on shareholder loans	(75,000)	(35,919)
Proceeds from line of credit, net		993,000
Proceeds from issuance of common stock	3,023,933	1,752,800
Proceeds from exercise of common stock warrants	154,888	950,542
Net cash provided by financing activities	3,178,821	3,465,841
Net (decrease) increase in cash	(111,547)	(35,292)
Cash at beginning of period	1,007,065	137,944
Cash at end of period	895,518	102,652
Supplemental disclosure:
Cash paid for interest	181,510	104,233
Non-cash transactions:
Common stock for assets	3,185,000
Shares/warrants issued for conversions of debt to equity	1,409,326	75,000
Series A Preferred converted to common stock	18,696
Note payable and accrued interest converted to common stock		575,372
Settlement of accrued interest with stock		14,000
Common stock issued for investment		$ 112,500

XML 17 R6.htm IDEA: XBRL DOCUMENT

Summary of Business Operations and Significant Accounting Policies

9 Months Ended

Nov. 30, 2017

Accounting Policies [Abstract]

Summary of Business Operations and Significant Accounting Policies

Note 1 – Summary of Business Operations and Significant Accounting Policies

Nature of Operations and Business Organization

Interim Financial Statements

The results of operations for the nine months ended November 30, 2017, are not necessarily indicative of the results to be expected for the full fiscal year ending February 28, 2018.

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Website Development Costs

Software Development Costs

Impairment of Intangible Assets

1. Significant underperformance compared to historical or projected future operating results;

2. Significant changes in the manner or use of the acquired assets or the strategy for the overall business; and

3. Significant negative industry or economic trends.

Convertible Debt Instruments

Derivative Instruments

Reclassification

Earnings per Share

Fair Value of Financial Instruments

Level 1:

Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.

Level 2:

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3:

Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

Recent Accounting Pronouncements

XML 18 R7.htm IDEA: XBRL DOCUMENT

Notes Receivable

9 Months Ended

Nov. 30, 2017

Receivables [Abstract]

Notes Receivable

Note 2 – Note Receivable

Current

Long-term

(a)

(b)

our 10% ownership in Launch360 Media, Inc., a Nevada corporation (“Launch360”);

(c)

(d)

Our Technology Platform for Home & Away Club and supporting I.C.E. partnership (collectively (a) through (d), the “Assets”).

The repayment of the Secured Note is secured by a first priority security interest in all of the Assets.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 19 R8.htm IDEA: XBRL DOCUMENT

Investment in Equity Instruments and Deconsolidation

9 Months Ended

Nov. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investment in Equity Instruments and Deconsolidation

Note 3 – Investment in Equity Instruments and Deconsolidation

XML 20 R9.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions

9 Months Ended

Nov. 30, 2017

Business Combinations [Abstract]

Acquisitions and Dispositions

Note 4 – Acquisitions and Dispositions

XML 21 R10.htm IDEA: XBRL DOCUMENT

Line of Credit and Other Notes Payable

9 Months Ended

Nov. 30, 2017

Debt Disclosure [Abstract]

Line of Credit and Other Notes Payable

Note 5 – Line of Credit and Other Notes Payable

The following table sets forth the line of credit and other notes payable as of November 30, 2017 and February 28, 2017:

	Principal
Line of Credit	November 30, 2017		February 28, 2017
On June 15, 2016, we entered into a revolving line of credit agreement with Republic Bank, Inc. of Duluth, Minnesota (“Republic”), in the maximum amount of $1,000,000. Amounts borrowed under the line of credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on July 15, 2016. Any amounts borrowed under the line of credit are originally due on June 15, 2017; however, on June 12, 2017, the line of credit was extended for 90 days through September 13, 2017. On December 22, 2016, the revolving line of credit was increased to $1,200,000; all other terms of the revolving line of credit remain unchanged. On September 15, 2017, we entered into a replacement revolving line of credit agreement with Republic, which replaced and superseded our prior line of credit with Republic originally entered into in June 2016. The Line of Credit is in an amount of up to $1.2 million, which borrowed amount is due and payable by us on September 15, 2018. Amounts borrowed under the Line of Credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on October 15, 2017. The loan contains standard and customary events of default and no financial covenants. From June 16, 2016 through November 30, 2017, we have made draws of $1,193,000 under the line of credit.		1,193,000		1,193,000
	$	1,193,000	$	1,193,000

Interest charged to operations relating to the above line of credit note was $46,510 and $39,678, respectively, for the nine months ended November 30, 2017 and 2016.

As of November 30, 2017, accrued interest is $0 and was $0 as of February 28, 2017. Interest obligations on the line of credit are current.

Interest charged to operations relating to the above note was $248 and $0, respectively, for the nine months ended November 30, 2017 and 2016.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Convertible Promissory Notes

9 Months Ended

Nov. 30, 2017

Debt Disclosure [Abstract]

Convertible Promissory Notes

Note 6 – Convertible Promissory Notes

During the nine months ended November 30, 2017 and 2016, the Company recognized interest expense of $135,000 and $150,000, respectively.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Deferred Gain

9 Months Ended

Nov. 30, 2017

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Gain

Note 7 – Deferred Gain

XML 24 R13.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

9 Months Ended

Nov. 30, 2017

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 8 – Stockholders’ Equity

Preferred stock

Series A Preferred Stock

The Company had 0 and 1,869,611 shares of Series A Preferred Stock issued and outstanding as of November 30, 2017 and February 28, 2017.

Common Stock

During the nine months ended November 30, 2017, the Company:

●		Sold 1,712,500 shares of common stock and 1,712,500 warrants to purchase 1,712,500 shares of common stock with an exercise price of $2 per share (“Warrants”), for gross proceeds of $3,425,000. The cost of capital was $376,567 and net proceeds were $3,023,933 in the private transactions.
●		Issued 427,300 shares of common stock, valued at $1,073,878 for stock compensation.
●		Issued 75,444 shares of common stock for $139,888 in connection with the exercise of warrants.
●		Issued 3,739,222 shares of common stock, in connection with a conversion of 1,869,611 Series A Preferred Stock shares.
●		Issued 704,663 shares of common stock, valued at $1,409,326 in connection with the conversion of a convertible note.
●		Issued 1,186,957 shares of common stock, valued at $3,131,001 in connection with the purchase of various assets.
●		Retired 167,635 shares of common stock valued at $450,945 in connection with the settlement of a financial advisory agreement. In May 2017, we entered into a settlement agreement with a financial advisory firm who was engaged to raise capital per an agreement signed in October 2016. Based upon the firm’s inability to meet any of the agreed upon milestones, the firm agreed to return all the consideration paid for the services. The Company recorded a $450,945 credit to stock compensation in May 2017 as a result of the settlement.

The Company had 18,812,389 and 11,133,938 shares of common stock issued and outstanding as of November 30, 2017 and February 28, 2017, respectively.

Common Stock Warrants

	Warrants			Weighted Average Exercise Price
Outstanding, February 28, 2017		2,020,088		$	2.24

Warrants granted		2,051,869		$	2.09
Warrants exercised/cancelled/expired		(920,372	)	$	(1.82	)
Outstanding, November 30, 2017		3,151,585		$	2.51

XML 25 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Nov. 30, 2017

Related Party Transactions

Note 9 – Related Party Transactions

XML 26 R15.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

9 Months Ended

Nov. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10 – Commitments and Contingencies

Our future minimum rental payments through February 28, 2018 amount to $66,132.

The following schedule represents obligations under written commitments on the part of the Company that are not included in liabilities:

	Current		Long Term
	February 28, 2018		February 28, 2019		February 28, 2020 and thereafter		Totals
Leases	$	20,487	$	68,959	$	—	$	89,446
Other		15,030		10,520		9,470		35,020
Totals	$	35,517	$	79,479	$	9,470	$	124,465

The Company is committed to pay three to six months’ severance in the case of termination or death to certain key officers.

Legal Matters

On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 of settlement expense for the nine months ended November 30, 2017.

The Company is unable to determine the estimate of the probable or reasonable possible loss or range of losses arising from the above legal proceedings.

Contractual Settlement

XML 27 R16.htm IDEA: XBRL DOCUMENT

Business Segment Reporting

9 Months Ended

Nov. 30, 2017

Segment Reporting [Abstract]

Business Segment Reporting

Note 11 – Business Segment Reporting

XML 28 R17.htm IDEA: XBRL DOCUMENT

Subsequent Events

9 Months Ended

Nov. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Note 12 – Subsequent Events

On December 11, 2017, we issued 2,000 shares of common stock, valued at $5,000, as payment for services rendered to a consultant.

On December 22, 2017, we entered into a Settlement Agreement with RealBiz, NestBuilder.com Corp. (“Nestbuilder”) and American Stock Transfer & Trust Company, LLC (“AST”) relating to the dismissal with prejudice of the following lawsuits: Case Number 1:16-cv-61017-FAM; Case No.: CACE-16-019818; Case No.: 16-24978-CIV-GRAHAM; Case No.: C.A 2017-0189; Case No.: 2017-0351 and Case No.: 2017-0189-JRS. As part of the Settlement Agreement, Monaker agreed to pay NestBuilder $100,000 and to issue 20,000 shares of Monaker’s restricted common stock to person(s) to be designated by NestBuilder; RealBiz reinstated to Monaker 44,470,101 shares of RealBiz Series A Convertible Preferred Stock and ratified all rights under the Certificate of Designation as reformed and amended (to provide for a conversion ratio of 1 share of RealBiz common stock for each 1 share of RealBiz Series A preferred stock converted) and removed any dividend obligations. The Company relinquished all of its common stock held in RealBiz. The RealBiz designation is also amended to provide us with anti-dilution protection below $0.05 per share. The agreement further provided for each party to dismiss the above referenced lawsuits with prejudice and for general releases from each party. The Company recorded approximately $147,000 of settlement expense for the nine months ended November 30, 2017.

On January 12, 2018, we received the $1,203,563 exercise price of the Pacific warrants and issued 1,146,250 shares of common stock to Pacific.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Summary of Business Operations and Significant Accounting Policies (Policies)

9 Months Ended

Nov. 30, 2017

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Website Development Costs

Website Development Costs

Software Development Costs

Software Development Costs

Impairment of Intangible Assets

Impairment of Intangible Assets

1. Significant underperformance compared to historical or projected future operating results;

2. Significant changes in the manner or use of the acquired assets or the strategy for the overall business; and

3. Significant negative industry or economic trends.

Convertible Debt Instruments

Convertible Debt Instruments

Derivative Instruments

Derivative Instruments

Reclassification

Reclassification

Earnings per Share

Earnings per Share

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Level 1:

Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.

Level 2:

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3:

Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

XML 30 R19.htm IDEA: XBRL DOCUMENT

Line of Credit and Other Notes Payable (Tables)

9 Months Ended

Nov. 30, 2017

Debt Disclosure [Abstract]

Schedule of line of credit and other notes payable

The following table sets forth the line of credit and other notes payable as of November 30, 2017 and February 28, 2017:

	Principal
Line of Credit	November 30, 2017		February 28, 2017
On June 15, 2016, we entered into a revolving line of credit agreement with Republic Bank, Inc. of Duluth, Minnesota (“Republic”), in the maximum amount of $1,000,000. Amounts borrowed under the line of credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on July 15, 2016. Any amounts borrowed under the line of credit are originally due on June 15, 2017; however, on June 12, 2017, the line of credit was extended for 90 days through September 13, 2017. On December 22, 2016, the revolving line of credit was increased to $1,200,000; all other terms of the revolving line of credit remain unchanged. On September 15, 2017, we entered into a replacement revolving line of credit agreement with Republic, which replaced and superseded our prior line of credit with Republic originally entered into in June 2016. The Line of Credit is in an amount of up to $1.2 million, which borrowed amount is due and payable by us on September 15, 2018. Amounts borrowed under the Line of Credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on October 15, 2017. The loan contains standard and customary events of default and no financial covenants. From June 16, 2016 through November 30, 2017, we have made draws of $1,193,000 under the line of credit.		1,193,000		1,193,000
	$	1,193,000	$	1,193,000

XML 31 R20.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

9 Months Ended

Nov. 30, 2017

Stockholders' Equity Note [Abstract]

Schedule of common stock purchase warrants and changes in warrants outstanding

	Warrants			Weighted Average Exercise Price
Outstanding, February 28, 2017		2,020,088		$	2.24

Warrants granted		2,051,869		$	2.09
Warrants exercised/cancelled/expired		(920,372	)	$	(1.82	)
Outstanding, November 30, 2017		3,151,585		$	2.51

XML 32 R21.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

9 Months Ended

Nov. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of obligations under written commitments

The following schedule represents obligations under written commitments on the part of the Company that are not included in liabilities:

	Current		Long Term
	February 28, 2018		February 28, 2019		February 28, 2020 and thereafter		Totals
Leases	$	20,487	$	68,959	$	—	$	89,446
Other		15,030		10,520		9,470		35,020
Totals	$	35,517	$	79,479	$	9,470	$	124,465

XML 33 R22.htm IDEA: XBRL DOCUMENT

Summary of Business Operations and Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Amortization expense of intangible assets	$ 140,772	$ 842,106
Website Development Costs [Member]
Estimated useful life	3 years

XML 34 R23.htm IDEA: XBRL DOCUMENT

Notes Receivable (Details Narrative) - USD ($)	Nov. 30, 2017	May 16, 2016	Dec. 22, 2014
Name Your Fee, LLC [Member] \| Assignment and Novation Agreement [Member]
Notes receivable face amount	$ 750,000
Business acquisition, percentage of voting interests acquired	51.00%
Conversion price (in dollars per share)	$ 1.00
Voyages North America, LLC [Member] \| Purchase Agreement [Member]
Business acquisition, percentage of voting interests acquired	71.50%
Launch360 Media, Inc. [Member] \| Purchase Agreement [Member]
Business acquisition, percentage of voting interests acquired	10.00%
Bettwork Industries, Inc. [Member] \| Purchase Agreement [Member] \| Secured Convertible Promissory Note [Member]
Conversion price (in dollars per share)	$ 1.00
Amount of assets acquired	$ 2,900,000
Promissory note interest rate	6.00%
Promissory note interest rate terms	(a) six percent per annum until the end of the last day of the month in which the sale occurred; and (b) the greater of (i) six percent per annum and (ii) the prime rate plus 3 3/4% per annum, thereafter through maturity, which maturity date is August 31, 2020, provided that the interest rate increases to twelve percent upon the occurrence of an event of default.
Beneficial ownership percentage	4.99%
Promissory Notes [Member]
Interest rate			6.00%
Non Related Party [Member]
Notes receivable face amount			$ 15,000
Non Related Party [Member] \| Name Your Fee, LLC [Member]
Business acquisition, percentage of voting interests acquired		51.00%
Cancellation amount of notes		$ 45,000
Proceeds from issuance of preferred stock and preference stock		750,000
Business acquisition - intangibles acquired		$ 1,000,000

XML 35 R24.htm IDEA: XBRL DOCUMENT

Investment in Equity Instruments and Deconsolidation (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended
	Dec. 22, 2017	May 31, 2017	Nov. 30, 2017	Feb. 28, 2017	Nov. 16, 2016
Allowance for doubtful accounts receivable			$ 0	$ 0
Stock-based compensation expense		$ (450,945)
Settlement expense			$ 147,000
Subsequent Event [Member] \| Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member]
Settlement amount	$ 100,000
Amount of anti-dilution protection per shares (in dollar per shares)	$ 0.05
Subsequent Event [Member] \| Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member] \| Restricted Common Stock [Member]
Number of shares issued	20,000
Common Stock [Member]
Number of shares issued			1,712,500
Series A Preferred Stock [Member] \| Subsequent Event [Member] \| Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member]
Number of shares issued	44,470,101
Series A Preferred Stock [Member] \| Common Stock [Member]
Number of shares issued			3,739,222
RealBiz Media Group, Inc [Member] \| Common Stock [Member]
Investment owned, balance, shares			10,359,890	10,359,890	1,341,533
RealBiz Media Group, Inc [Member] \| Series A Preferred Stock [Member]
Investment owned, balance, shares			44,470,101	44,470,101

XML 36 R25.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions (Details Narrative) - USD ($)	Nov. 21, 2017	Nov. 14, 2017	Oct. 23, 2017	May 16, 2016	Nov. 30, 2017
Membership Interest Purchase Agreement [Member] \| Name Your Fee, LLC [Member]
Net earnings to repay promissory note				20.00%
Promissory note received for sale of membership interest				$ 750,000
Membership percentage				51.00%
Cancellation of promissory due from purchaser				$ 45,000
Debt maturity date				May 15, 2018
Assignment and Novation Agreement [Member] \| Name Your Fee, LLC [Member]
Business acquisition, percentage of voting interests acquired					51.00%
Notes receivable face amount					$ 750,000
Conversion price (in dollars per share)					$ 1.00
Platform Purchase Agreement [Member] \| Exponential, Inc. ("XPO") [Member] \| Restricted Common Stock [Member]
Share price (in dollar per shares)			$ 2.97
Amount of shares issued under services			$ 1,485,000
Number of shares issued under services			500,000
Purchase Agreement [Member] \| Restricted Common Stock [Member]
Share price (in dollar per shares)	$ 2.50
Amount of shares issued under land acquisition	$ 1,500,000
Purchase Agreement [Member] \| Michael Heinze, Michael Kistner and Rebecca Dernbach [Member]
Acquisition amount paid in cash		$ 75,000
Total acquisition amount		$ 275,000
Purchase Agreement [Member] \| Michael Heinze, Michael Kistner and Rebecca Dernbach [Member] \| Restricted Common Stock [Member]
Share price (in dollar per shares)		$ 2.30
Amount of shares issued under services		$ 200,000
Number of shares issued under services		86,957
Purchase Agreement [Member] \| A-Tech LLC [Member] \| Restricted Common Stock [Member]
Number of shares issued under land acquisition	600,000
Amount of shares issued under land acquisition	$ 1,446,000
Accrual to purchase price	$ 54,000
Acquisition share price (in dollar per shares)	$ 2.41
Additional number of shares issued under land acquisition	100,000

XML 37 R26.htm IDEA: XBRL DOCUMENT

Line of Credit and Other Notes Payable (Details) - USD ($)	Nov. 30, 2017	Feb. 28, 2017
Other notes payable	$ 1,193,000	$ 1,193,000
Revolving Line Of Credit Agreement [Member] \| Republic Bank, Inc. [Member]
Other notes payable	$ 1,193,000	$ 1,193,000

XML 38 R27.htm IDEA: XBRL DOCUMENT

Line of Credit and Other Notes Payable (Details Narrative) - Republic Bank, Inc. [Member] - USD ($)			9 Months Ended
	Sep. 15, 2017	Jun. 15, 2016	Nov. 30, 2017	Nov. 30, 2016	Jul. 20, 2017	Feb. 28, 2017	Dec. 22, 2016
Short-term Debt [Line Items]
Interest charged			$ 46,510	$ 39,678
Accrued interest			0			$ 0
Room Retail, Inc. [Member]
Short-term Debt [Line Items]
Interest charged			$ 248	$ 0
Borrowing capacity					$ 75,000
Interest rate					6.00%
Revolving Line Of Credit Agreement [Member] \| Republic Bank, Inc. [Member]
Short-term Debt [Line Items]
Debt maturity date		Jun. 15, 2017
Borrowing capacity		$ 1,000,000					$ 1,200,000
Basis spread on line of credit		1.00%
Description of interest rate		Accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity)
Description of frequency of payment and payment terms		Payable monthly in arrears beginning on July 15, 2016.
New Revolving Line of Credit Agreement [Member]
Short-term Debt [Line Items]
Debt maturity date	Sep. 15, 2018
Borrowing capacity	$ 1,200,000
Basis spread on line of credit	1.00%
Current draws amount	$ 1,193,000
Description of interest rate	Accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity)
Description of frequency of payment and payment terms	Payable monthly in arrears beginning on October 15, 2017.

XML 39 R28.htm IDEA: XBRL DOCUMENT

Convertible Promissory Notes (Details Narrative) - Mr. Mark Wilton (greater than 5% shareholder) [Member] - USD ($)		9 Months Ended		12 Months Ended
	Aug. 24, 2017	Nov. 30, 2017	Nov. 30, 2016	Feb. 28, 2017	Sep. 30, 2017
Convertible Notes Payable Amended [Member]
Maturity date		Dec. 01, 2017
Interest expense		$ 135,000	$ 150,000
Debt conversion		$ 0		$ 1,409,326
Convertible Notes Payable [Member]
Debt instrument, interest rate, stated percentage rate		6.00%
Debt instrument, convertible, conversion price		$ 5.00
Description of conversion price		Conversion price equal to 80% of the 5 day trailing average closing price of our common stock prior to conversion.
Debt Conversion and Voting Agreement [Member] \| Convertible Notes Payable Amended [Member]
Aggregate principal balance	$ 1,409,326				$ 1,409,326
Maturity date	Dec. 17, 2017	Dec. 17, 2017
Additional cash paid ($15,000 per month in September, October and November)	$ 45,000	$ 45,000
Debt Conversion and Voting Agreement [Member] \| Convertible Notes Payable Amended [Member] \| Restricted Common Stock [Member]
Number of shares issued upon debt conversion	704,663	704,663
Description of conversion price		Conversion price equal to 80% of the 5 day trailing average closing price of our common stock prior to conversion.

XML 40 R29.htm IDEA: XBRL DOCUMENT

Deferred Gain (Details Narrative) - Purchase Agreement [Member]	Nov. 30, 2017 USD ($)
Voyages North America, LLC [Member]
Business acquisition, percentage of voting interests acquired	71.50%
Voyages North America, LLC [Member] \| Non-core [Member]
Amount of assets sold	$ 2,900,000
Net book value of sold assets	$ 0
Launch360 Media, Inc. [Member]
Business acquisition, percentage of voting interests acquired	10.00%

XML 41 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details) - Warrant [Member]	9 Months Ended
Stockholders' Equity (Details) - Warrant [Member]	Nov. 30, 2017 $ / shares shares
Warrants, Outstanding [Roll Forward]
Outstanding, beginning \| shares	2,020,088
Warrants granted \| shares	2,051,869
Warrants exercised/cancelled/expired \| shares	(920,372)
Outstanding, ending \| shares	3,151,585
Warrants, Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning \| $ / shares	$ 2.24
Warrants granted \| $ / shares	2.09
Warrants exercised/cancelled/expired \| $ / shares	(1.82)
Outstanding, ending \| $ / shares	$ 2.51

XML 42 R31.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Narrative) - USD ($)			5 Months Ended	9 Months Ended	12 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Jan. 10, 2018	Jul. 31, 2017	Jul. 31, 2017	Nov. 30, 2017	Feb. 28, 2017	Sep. 22, 2017
Preferred stock, authorized				3,000,000	3,000,000
Preferred stock, par value (in dollars per share)				$ 0.01	$ 0.01
Preferred stock, issued				0	1,869,611
Preferred stock, outstanding				0	1,869,611
Common Stock and Warrant Purchase Agreement [Member] \| Accredited Investors [Member]
Number of shares issued		1,532,500
Series A Preferred Stock [Member]
Preferred stock, dividend rate, percentage				10.00%
Dividends in arrears			$ 1,102,066		$ 1,025,233
Series A Preferred Stock [Member] \| Common Stock and Warrant Purchase Agreement [Member] \| Mr. William Kerby & Mr. Donald P. Monaco [Member]
Number of shares converted		1,869,611
Non-Voting Series B 10% Cumulative Convertible Preferred Stock [Member] \| Certificate of Withdrawal of Certificate of Designations [Member]
Preferred stock, authorized						3,000,000
Non-Voting Series C 10% Cumulative Convertible Preferred Stock [Member] \| Certificate of Withdrawal of Certificate of Designations [Member]
Preferred stock, authorized						3,000,000
Series D Preferred Stock [Member] \| Certificate of Withdrawal of Certificate of Designations [Member]
Preferred stock, authorized						3,000,000
Preferred Stock [Member]
Preferred stock, authorized				100,000,000
Preferred stock, par value (in dollars per share)				$ 0.00001
Warrant [Member]
Exercise price (in dollars per share)		$ 2.10	$ 2.10
Number of shares issued				1,712,500
Number of warrants outstanding				3,151,585
Weighted average exercise price of warrant				$ 2.12
Weighted average life of warrant				4 years 4 months 24 days
Number of warrants granted				2,051,869
Warrant issued for services				55,300
Fair value of warrant				$ 281,925
Risk-free interest rate				2.14%
Estimated volatility				674.00%
Dividend yield				0.00%
Warrant [Member] \| Subsequent Event [Member]
Additional number of warrants granted	498,831
Warrant [Member] \| Minimum [Member]
Expected life of the warrants				1 year
Warrant [Member] \| Maximum [Member]
Expected life of the warrants				5 years
Warrant [Member] \| Private Placement Offering [Member]
Number of shares issued				75,444
Value of number of shares issued				$ 139,888
Warrant [Member] \| Common Stock Subscriptions [Member]
Number of warrants granted				180,000
Warrant [Member] \| Placement Agent [Member]
Number of warrants granted				76,625
Common Stock [Member]
Exercise price (in dollars per share)				$ 2
Number of shares issued				1,712,500
Value of number of shares issued				$ 3,425,000
Number of shares retired				167,635
Value for number of shares retired				$ 450,945
Amount of shares issued under purchase of assets				$ 3,131,001
Number of shares issued under purchase of assets				1,186,957
Common Stock [Member] \| Stock Compensation Plan [Member]
Number of shares issued				427,300
Value of number of shares issued				$ 1,073,878
Common Stock [Member] \| Private Placement Offering [Member]
Number of shares issued				1,712,500
Cost of capital				$ 376,567
Value of number of shares issued				$ 3,023,933
Number of warrants granted				57,444
Common Stock [Member] \| Series A Preferred Stock [Member]
Number of shares issued				3,739,222
Number of shares conversion				1,869,611
Common Stock [Member] \| Series A Preferred Stock [Member] \| Common Stock and Warrant Purchase Agreement [Member] \| Mr. William Kerby & Mr. Donald P. Monaco [Member]
Number of shares issued upon stock conversion		3,789,222
Common Stock [Member] \| Convertible Preferred Stock [Member]
Number of shares issued				704,663
Value of number of shares issued				$ 1,409,326

XML 43 R32.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)			3 Months Ended		9 Months Ended
	Aug. 24, 2017	Jul. 31, 2017	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016	Sep. 30, 2017	Feb. 28, 2017
Related party transaction amount					$ 500,000
Accounts payable and accrued expenses			$ 573,605		573,605			$ 262,493
Salaries of officer			505,427	$ 350,928	1,510,880	$ 1,242,609
Chief Operating Officer, Chief Financial Officer and Director [Member]
Accounts payable and accrued expenses			220,000		220,000
Accrued contractual bonuses			$ 160,000		$ 160,000
Common Stock [Member]
Number of shares issued					1,712,500
Series A Preferred Stock [Member] \| Common Stock [Member]
Number of shares issued					3,739,222
Mr. William Kerby [Member] \| Common Stock & Warrant [Member]
Related party transaction amount					$ 50,000
Number of shares issued					25,000
Mr. Simon Orange [Member] \| Common Stock & Warrant [Member]
Related party transaction amount					$ 175,000
Number of shares issued					87,500
Mr. Donald P. Monaco [Member] \| Common Stock & Warrant [Member]
Related party transaction amount					$ 175,000
Number of shares issued					87,500
Mr. Pat LaVecchia [Member] \| Common Stock & Warrant [Member]
Related party transaction amount					$ 10,000
Number of shares issued					5,000
Mr. Robert J. Post [Member] \| Common Stock & Warrant [Member]
Related party transaction amount					$ 25,000
Number of shares issued					12,500
Mr. Stephen Romsdahl [Member] \| Common Stock & Warrant [Member]
Related party transaction amount					$ 50,000
Number of shares issued					25,000
Key Distributor [Member] \| Common Stock & Warrant [Member]
Related party transaction amount					$ 100,000
Number of shares issued					50,000
Mr. Mark Wilton (greater than 5% shareholder) [Member] \| Convertible Notes Payable Amended [Member]
Debt maturity date					Dec. 01, 2017
Common Stock and Warrant Purchase Agreement [Member] \| Mr. William Kerby & Mr. Donald P. Monaco [Member] \| Series A Preferred Stock [Member]
Number of shares converted		1,869,611
Common Stock and Warrant Purchase Agreement [Member] \| Mr. William Kerby & Mr. Donald P. Monaco [Member] \| Series A Preferred Stock [Member] \| Common Stock [Member]
Number of shares issued upon stock conversion		3,789,222
Debt Conversion and Voting Agreement [Member] \| Mr. Mark Wilton (greater than 5% shareholder) [Member] \| Convertible Notes Payable Amended [Member]
Aggregate principal balance	$ 1,409,326						$ 1,409,326
Debt maturity date	Dec. 17, 2017				Dec. 17, 2017
Additional cash paid ($15,000 per month in September, October and November)	$ 45,000				$ 45,000
Debt Conversion and Voting Agreement [Member] \| Mr. Mark Wilton (greater than 5% shareholder) [Member] \| Restricted Common Stock [Member] \| Convertible Notes Payable Amended [Member]
Number of shares issued upon debt conversion	704,663				704,663

XML 44 R33.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details)	Nov. 30, 2017 USD ($)
FY 2018	$ 35,517
FY 2019	79,479
FY 2020 and thereafter	9,470
Totals	124,465
Leases [Member]
FY 2018	20,487
FY 2019	68,959
Totals	89,446
Other [Member]
FY 2018	15,030
FY 2019	10,520
FY 2020 and thereafter	9,470
Totals	$ 35,020

XML 45 R34.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - USD ($)						1 Months Ended	9 Months Ended
	Jan. 10, 2018	Dec. 22, 2017	Dec. 09, 2016	Jun. 02, 2016	Mar. 28, 2016	May 31, 2017	Nov. 30, 2017	Nov. 30, 2016	Feb. 28, 2017
Lease agreement term							3 years
Rent expense							$ 60,555	$ 59,262
Future minimum rental payments							$ 66,132
Number of preferred share issued							0		1,869,611
Value of preferred shares issued									$ 18,696
Claim amount			$ 20,000,000
Name of the claimants			behalf of persons who purchased our common stock and exercised options between April 6, 2012 and June 23, 2016
Domicile litigation			U.S. District Court for the Southern District of Florida
Settlement expense							$ 147,000
Stock-based compensation						$ (450,945)
Warrant [Member]
Number of warrants granted							2,051,869
Warrant issued for services							55,300
Number of shares issued							1,712,500
Warrant [Member] \| Subsequent Event [Member]
Additional number of warrants granted	498,831
Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member] \| Subsequent Event [Member]
Settlement amount		$ 100,000
Amount of anti-dilution protection per shares (in dollar per shares)		$ 0.05
Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member] \| Subsequent Event [Member] \| Restricted Common Stock [Member]
Number of shares issued		20,000
Twelfth Child Entertainment, LLC [Member] \| Arbitration Award [Member] \| License Agreement [Member]
Arbitration award				$ 81,572
Settlement expense				73,959
Interest payment				$ 7,613
Series A Preferred Stock [Member] \| Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member] \| Subsequent Event [Member]
Number of shares issued		44,470,101
Demand For Arbitration Litigation [Member] \| Series D Preferred Stock [Member]
Claim amount					$ 700,000
Name of the claimants					Acknew Investments, Inc. and Vice Regal Developments Inc. (Claimants)
Demand For Arbitration Litigation [Member] \| Series D Preferred Stock [Member] \| RealBiz Media Group, Inc [Member]
Number of preferred share issued					380,000
Value of preferred shares issued					$ 1,900,000
Actual value of preferred shares					1,200,000
Balance value of preferred shares					$ 700,000

XML 46 R35.htm IDEA: XBRL DOCUMENT

Business Segment Reporting (Details Narrative)	9 Months Ended
Business Segment Reporting (Details Narrative)	Nov. 30, 2017 Number
Segment Reporting [Abstract]
Number of operating segments	1

XML 47 R36.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - USD ($)								9 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Jan. 12, 2018	Jan. 10, 2018	Dec. 22, 2017	Dec. 14, 2017	Dec. 12, 2017	Dec. 11, 2017	Dec. 09, 2017	Nov. 30, 2017	Jul. 31, 2017
Warrant [Member]
Subsequent Event [Line Items]
Number of shares issued								1,712,500
Warrant exercise price (in dollars per share)									$ 2.10
Number of warrants granted								2,051,869
Number of warrant issued for services								55,300
Private Placement Offering [Member] \| Warrant [Member]
Subsequent Event [Line Items]
Number of shares issued								75,444
Amount of shares issued								$ 139,888
Subsequent Event [Member] \| Warrant [Member]
Subsequent Event [Line Items]
Additional number of warrants granted		498,831
Subsequent Event [Member] \| Consultant [Member]
Subsequent Event [Line Items]
Amount of shares issued for services				$ 45,800		$ 5,000
Number of shares issued for services				20,000		2,000
Subsequent Event [Member] \| Monaco Investment Partners II, LP [Member] \| Warrant [Member]
Subsequent Event [Line Items]
Number of shares issued					52,500
Amount of shares issued					$ 105,000
Warrant exercise price (in dollars per share)					$ 2.00
Subsequent Event [Member] \| Pacific Grove Capital LP (Pacific) [Member]
Subsequent Event [Line Items]
Number of warrant issued for services	1,146,250
Amount of warrant issued for services	$ 1,203,563
Subsequent Event [Member] \| Monaco Investment Partners II, LP [Member]
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)	$ 2.00
Number of warrant issued for services	47,500
Amount of warrant issued for services	$ 95,000
Subsequent Event [Member] \| Donald P Monaco Insurance Trust [Member]
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)	$ 2.10
Number of warrant issued for services	62,000
Amount of warrant issued for services	$ 130,200
Subsequent Event [Member] \| Charcoal Investments Ltd [Member]
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)	$ 2.00
Number of warrant issued for services	100,000
Amount of warrant issued for services	$ 200,000
Subsequent Event [Member] \| Mr. William Kerby [Member]
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)	$ 2.10
Number of warrant issued for services	5,000
Amount of warrant issued for services	$ 10,500
Subsequent Event [Member] \| Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member]
Subsequent Event [Line Items]
Settlement amount			$ 100,000
Amount of anti-dilution protection per shares (in dollar per shares)			$ 0.05
Subsequent Event [Member] \| Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member] \| Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Number of shares issued			44,470,101
Subsequent Event [Member] \| Settlement Agreement [Member] \| NestBuilder.com Corp ("Nestbuilder") and American Stock Transfer & Trust Company, LLC ("AST") [Member] \| Restricted Common Stock [Member]
Subsequent Event [Line Items]
Number of shares issued			20,000
Subsequent Event [Member] \| First Amendment To Warrant (Amendment) agreement [Member] \| Pacific Grove Capital LP (Pacific) [Member]
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)		$ 2.10
Warrant purchase		875,000
Additional warrant purchase		271,250
Total warrant purchase in cash		1,146,250
Subsequent Event [Member] \| Warrant Purchase Agreement [Member] \| Pacific Grove Capital LP (Pacific) [Member]
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)		$ 1.05
Total warrant purchase in cash		1,203,563
Subsequent Event [Member] \| Purchase Agreement [Member] \| Pacific Grove Capital LP (Pacific) [Member]
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)		$ 2.00
Additional warrant purchase		36,142
Subsequent Event [Member] \| Private Placement Offering [Member]
Subsequent Event [Line Items]
Number of days to apply for listing of common stock and warrants on NASDAQ							60 days
Number of days to list common stock on NASDAQ							120 days
Pro rata share of warrants sold (percent)							1.00%
Pro rata share of warrants sold (shares per day)							16,092
Maximum number of days under agreement							100 days
Total number of warrants to be issued under agreement							1,609,125

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