LOANS PAYABLE (Tables)

9 Months Ended

Nov. 30, 2019

Loans Payable [Abstract]

Schedule of loans payable

Loans payable consisted of the following at November 30, 2019: 

					Annual
					Interest
Date	Maturity	Description		Principal	Rate
June 11, 2018	June 11, 2019	Promissory note	(3)	48,000	25%	*
August 10, 2018	September 1, 2018	Promissory note		10,000	25%	*
August 16, 2018	August 16, 2019	Promissory note	(1)	12,624	25%	*
August 16, 2018	October 1, 2018	Promissory note		10,000	25%	*
August 23, 2018	October 20, 2018	Promissory note		—	20%	*
October 10, 2018	December 10, 2018	Promissory note	(8)	2,412	25%	*
October 11, 2018	October 11, 2019	Promissory note	(10)	23,000	25%	*
August 5, 2019	March 11, 2020	Factoring Agreement	(4)	41,750	25%
July 22, 2019	November 15, 2019	Factoring Agreement	(9)	—	25%
July 9, 2019	January 5, 2020	Factoring Agreement	(5)	—	20%
September 17, 2019	November 26, 2019	Factoring Agreement	(13)	—	20%
November 12, 2019	August 11, 2020	Factoring Agreement	(14)	87,315	20%
October 17,2019	April 29, 2020	Factoring Agreement	(15)	56,800	(4)
September 27, 2019	April 4, 2020	Factoring Agreement	(16)	36,933	(9)
January 31, 2019	June 30, 2019	Promissory note	(2)	78,432	(5)	*
January 24, 2019	January 24, 2021	Loan	(11)	140,535	15%
May 9, 2019	June 30, 2019	Promissory note	(6)	7,850	11%	*
May 31, 2019	June 30, 2019	Promissory note	(7)	86,567	15%	*
June 26, 2019	June 26, 2020	Promissory note	(12)	79,104	15%
September 24, 2019	June 24, 2020	Promissory note	(17)	12,000	15%
				733,322
Less current portion of loans payable				592,787
Non-current portion of loans payable				140,535

__________

* Note is in default. No notice has been given by the note holder.

(1)	Repayable in 12 monthly instalments of $2,376 commencing September 16 ,2018 and secured by revenue earning devices having a net book value of at least $25,000.Only $12,376 has been repaid by the Company and no notices have been received. Accrued interest of $1,511 has been recorded.
(2)	The note may be pre-payable at any time. The note balance includes 33% original issue discount of $25,882.
(3)	Repayable in 12 monthly instalments of $4,562 commencing August 11 ,2018 and secured by revenue earning devices having a net book value of at least $48,000. No repayments have been made by the Company and no notices have been received.
(4)	Total loan $79,750, repayable $475 per business day including fees and interest of $25,170. Original cash proceeds of $31,353 and $23,227 carried from previous loan less repayment of $38,000. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company.
(5)	Total loan of $41,700 , repayable $348 per business day including fees and interest of $11,700. Original proceeds of $30,000. $30,928 of the loan has been repaid. The remaining balance of $10,772 has been transferred to new loan (14).The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty bv the controlling shareholder of the Company.
(6)	The note may be pre-payable at any time. The note balance includes 33% original issue discount of $2,590.
(7)	The note may be pre-payable at any time. The note balance includes 33% original issue discount of $28,567.
(8)	Repayable in 10 monthly instalments of $848 commencing January 10 ,2019 and secured by revenue earning devices having a net book value of at least $186,000. $2,544 repaid this quarter.
(9)	Total loan $52,150 , repayable $869 per business day including fees and interest of $17,150. Original cash proceeds of $35,000. The loan has been fully repaid for $52,150.
(10)	$20,000 repaid in quarter ended February 28,2019.
(11)	$185,000 Canadian loan. Interest payable every calendar quarter commencing June30, 2019, if unpaid accrued interest to be paid at maturity. An additional interest amount calculated as 4% of RAD revenues from SCOT rentals for the fiscal years 2020 and 2021 shall be payable March 31, 2020 and March 31, 2021 , respectively. Secured by a general security charging all of RAD’s present and after-acquired property in favour of the lender on a first priority basis subject to the following: the lender’s security in this respect shall be postponeable to security in favour of institutional financing obtained by RAD.
(12)	The note may be pre-payable at any time. The note balance includes 33% original issue discount of $26,104.
(13)	Total loan of $24,800 , repayable $2,480 per week including fees and interest of $4,800. Original proceeds of $20,000 less repayment of $19,840.The remaining balance of $4,860 has been transferred to new loan (14).The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company.
(14)	Total loan of $243,639 , repayable $1,509 per week including fees and interest of $60,042. Original cash proceeds of $7,877 , repayment of loans (5) and (13) totalling $15,732 ,partial repayment of fees of $5,566 all totalling $29,175, additional advances of $17,754 with remaining $136,668 to be advanced to the company over the remaining 18 weeks. The Company has repaid $15,021. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company.
(15)	Total loan of $71,000 , repayable $710 per business day including fees and interest of $21,000. Original proceeds of $50,000 less repayment of $14,200. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company.
(16)	Total loan of $59,960 , repayable $590 per business day including fees and interest of $19,960. Original proceeds of $40,000 less repayment of $23,027. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company.
(17)	The note may be pre-payable at any time. The note balance includes a $3,000 original issue discount.