Notes Payable

12 Months Ended

Feb. 28, 2022

Debt Disclosure [Abstract]

Notes Payable

6. Notes Payable

In connection with the Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act, on April 27, 2020 and March 3, 2021 the Company borrowed $118,750 and $120,000, respectively, at an annual interest rate of 1 percent. The loans dated April 27, 2020 and March 3, 2021 mature on April 27, 2022 and March 3, 2026, respectively. Accrued interest for the year ended February 28, 2022 is $1,190. Accrued interest for the year ended February 28, 2021 was $1,002. On July 28, 2021, the principal amount of $100,448 and accrued interest of $1,275 were forgiven for the loan dated April 27, 2020. The Company recognized a gain on forgiveness of PPP loan of $101,723 on the statement of operations as a result. As of February 28, 2022, the remaining principle of that loan of $4,131, plus interest, will be paid in monthly installments of $2,068 per month until the balance reaches zero. The final payment will be on May 27, 2022. Interest paid for the year ended February 28, 2022 was approximately $1,700. No interest was paid on these loans for the year ended February 28, 2021.