0001552781-18-000282.txt : 20180718 0001552781-18-000282.hdr.sgml : 20180718 20180718113450 ACCESSION NUMBER: 0001552781-18-000282 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20170228 FILED AS OF DATE: 20180718 DATE AS OF CHANGE: 20180718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UPAY CENTRAL INDEX KEY: 0001677897 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 371793622 STATE OF INCORPORATION: NV FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55747 FILM NUMBER: 18957949 BUSINESS ADDRESS: STREET 1: 3010 LBJ FWY STREET 2: SUITE 1200 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 9728886052 MAIL ADDRESS: STREET 1: 3010 LBJ FWY STREET 2: SUITE 1200 CITY: DALLAS STATE: TX ZIP: 75234 10-K 1 e1100_10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

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

 

For the annual period ended February 28, 2017

 

or

 

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

 

For the transition period from _____to_____.

 

Commission File Number

333-212447

 

UPAY, Inc.

(Exact name of small business issuer as specified in its charter)

 

NEVADA   37-1793622
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)

 

3010 LBJ Freeway, 12th Floor

Dallas, Texas 75234

(Address of principal executive offices)

 

(972) 888-6052

(Company’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   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, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company

 

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

 

The Company has 25, 915,310 shares outstanding as of July 17, 2018.

 

1

 

 

TABLE OF CONTENTS

 

    Page
  PART I  
Item 1. Business 3
Item 1A Risk Factors  17
Item 1B Unresolved Staff Comments 17
Item 2. Properties 17
Item 3. Legal Proceedings 17
Item 4. Mine Safety Disclosures 17
     
  PART II  
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17
Item 6. Selected Financial Data 17
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 18
Item 7a. Quantitative and Qualitative Disclosures About Market Risk 21
Item 8. Financial Statements and Supplementary Data 21
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 22
Item 9a. Controls and Procedures 22
Item 9b. Other Information 22
     
  PART III  
Item 10. Directors and Executive Officers of the Registrant 23
Item 11. Executive Compensation 26
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26
Item 13. Certain Relationships and Related Transactions and Director Independence 27
Item 14. Principal Accountant Fees and Services 29
Item 15. Exhibits 30
Signatures  31

 

2

 

 

UPAY, Inc.

Form 10-K

 

In this report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

 

As used in this report and unless otherwise indicated, the terms “we”, “us” and “our” refer to UPAY, Inc.

 

PART 1

 

ITEM 1. BUSINESS

 

 Organization

 

We were incorporated in the state of Nevada on July 8, 2015. On November 4, 2015, we conducted the Share Exchange with Rent Pay, which became our wholly owned subsidiary

 

Industry Background

 

United States

 

The payday loan industry in the US was $45.3 billion for 2014. 

 

South Africa

 

As per industry data for the 3-month period ending June 30, 2016, the unsecured credit and short-term credit was US$ 1.74 billion (conversion rate as of November 8, 2016) (23.52-billion-rands in South Africa) for that quarterly period. 

 

Our Mission

 

Our mission is to provide loan administration software to credit providers, retail stores, provisional service industry (doctors, lawyers, accountants) with a high-quality credit management software systems and customer support that will enable such industries to effectively operate and manage their business and credit risk and be in compliance with applicable US federal and state laws and the National Credit Act in South Africa.

 

Recent Developments

 

(a)Launching our software at the Lend 360 conference in Dallas in October 2017.

(b)Completed 8 Non-Disclosure Agreements for possible integrations and completed 5 software integration agreements with US companies.

 

Products and Services

 

South African Business Operation:

 

Our South African Subsidiary, Rent Pay (Pty) Ltd currently provides a web-based client and loan administration software platform, the Automated Credit Provider Administration System to registered lenders in South Africa, which we market under the name “ACPAS”.

 

Our customer base consists of customers with physical branch outlets as well as online customers with lending websites.  ACPAS was designed to bridge the gap between traditional standalone administration platforms, payment gateways, credit bureaus and other third-party service providers through this fully automated software platform.

 

3

 

 

We provide a cloud-based loan origination software system that is compliant with all applicable legislation and we enable our customers to grant loans, sell products, pay bills or pay monthly subscriptions on terms, all within our software system.  Our software platform features integrated third-party service providers such as registered payment gateways, credit bureaus, two-way texting, credit protection insurance and decision-making platforms. We also develop tailor-made web sites for our customers, on demand, based on their needs, that is fully integrated with our ACPAS system. Our system also includes basic accounting and bookkeeping functionality.

 

Products in South Africa

 

  1. Loan Origination System

 

ACPAS – Automated Credit Provider Administration System. This is our management software system that we lease to our customers monthly. Our customers use this platform to manage their businesses, clients and processes.

 

  2. Theme Studio - Business Online

 

Customized websites that we develop for our customers. These websites are fully integrated with our ACPAS system that provides our customers with a public platform to interact and transact with their clients daily.

 

  3. Credit Enquiries

 

We are a reseller of credit bureau products. We provide our customers with a base within the ACPAS software system to conduct consumer credit inquiries on consumers to make informed credit decisions whether or not to grant credit to an applicant. We buy these credit enquiries in bulk from the credit bureau and resell the transactions to our customers at a markup price.

 

  4. Credit Protection Insurance

 

We act as an agent for a registered insurance company and provide our customers with functionality within the ACPAS software system that enables our customers to sell credit protection insurance to consumers when taking out credit. We receive monthly commission on all insurance sales generated through our system.

 

  5. Debit order transaction fees

 

In South Africa, we are a registered Third-Party Payment Provider (TPPP) and charge a fee for debit order transactions that we facilitate between parties. This is a percentage-based fee that we charge for every installment due for repayment, that we successfully collect by debit order from the bank account of a consumer for the benefit of our customers and is more fully explained in our Revenue section below.

 

US Planned Business Operation:

 

We are a holding company for our South Africa and US operations. We have not yet launched our US based software.

 

Our developers continue their work on the necessary changes and development needed to customize our system for the US environment, which is anticipated to be complete by July 2018, at which time we will be able to offer our products in the US. Once complete, we will provide a web based client and loan administration software platforms to registered lenders in the US beginning with the State of Texas and thereafter, contingent upon adequate financing.

 

We will provide a cloud-based loan origination software system that will be compliant with all applicable state and federal legislation and will enable our customers to grant loans, sell products, pay bills or pay monthly subscriptions on terms, all within our software system.  Our software platform will feature integrated third-party service providers such as registered payment gateways, credit bureaus, two-way texting, credit protection insurance and decision-making platforms in the US. We will also develop tailor-made web sites for our customers on demand, based on their needs, that is fully integrated with our system.

 

4

 

 

Planned products in the USA

 

  1. Loan Origination System

 

ACPAS – Automated Credit Provider Administration System. This is our management software system that we will lease to our customers monthly. Our customers will use this platform to manage their businesses, clients and processes.

 

  2. Theme Studio Business Online

 

Customized websites that we will develop for our customers. These websites will be fully integrated with our ACPAS system that provides our customers with a public platform to interact and transact with their clients daily.

 

  3. Credit Inquiries

 

We will be a reseller of credit bureau products. We will provide our customers with a base within the ACPAS software system to do consumer credit inquiries on consumers, in order to make informed credit decisions whether or not to grant credit to an applicant. We buy these credit enquiries in bulk from the credit bureau and resell the transactions to our customers at a markup price.

 

  4. Credit Protection Insurance

 

We plan to act as an agent for a registered insurance company and to provide our customers with functionality within the ACPAS software system that will enable our customers to sell credit protection insurance to consumers when taking out credit. We should receive monthly commission on insurance sales generated through our system.

 

  5. ACPAS Transaction fee

 

We will invoice our customers per transaction, for the volume of transactions effected within the ACPAS system during a month. A transaction is viewed as any agreement/loan made on the system during this period, as well as all receipts made on the system during this period.

 

  6. Debit order transaction fees

 

In the US, we plan to charge a service fee for debit order transactions that we plan to facilitate between parties. This will be a percentage-based fee that we will charge for every installment due for repayment, that we successfully collect by debit order from the bank account of a consumer for the benefit of our customers.

 

This service will have two billing options.

 

  Cost to Client (CTC) -  The cost of the transaction is paid by the bank merchant’s client/consumer; and

 

Cost to Merchant (CTM) - The cost of the transaction is paid by our merchant (A merchant is a registered bank merchant and in our business case, a merchant refers to our customer). 

 

Revenue

 

In the US, we plan to charge a service fee for debit order transactions between parties to credit transactions. This will be a percentage-based fee that we will charge for every installment due for repayment, that we collect by debit order from the bank account of a consumer (borrower) for the benefit of our customers (lenders).

 

This service will have two billing options:

 

  Cost to Client (CTC) - The cost of the transaction is paid by the consumer; and
  Cost to Merchant (CTM) The cost of the transaction is paid by our customer. 

 

5

 

 

Planned US Revenue Segments

 

Item   Price
Monthly software license fee   $500
Installation and setup (one-time charge)   2,500.00
ACPAS Transaction fee (per transaction) (1)   $1.50

 

*The average ACPAS volume of transactions/per month/per branch historically has been 500 transactions

 

(1) Transaction Fee (CTC /CTM per successful transaction) per quote on % basis Transaction Fee (CTC /CTM per successful transaction) per quote on % basis (between 1.5% and 2.5% of transaction amount collected)

 

A transaction is defined as: (a) a loan created on our ACPAS platform; (b) a receipt made on our ACPAS platform.

 

We will also provide custom website development services on a per quote basis.

 

Description South Africa Revenue Segment
ACPAS - Monthly License Fee $50
ACPAS Installation and Setup fee (One-time charge) $99.53
Transaction Fee (CTC /CTM per successful transaction) $2.55%
Ave volume of transactions/per month/per branch 500
Commission on insurance Variable

 

(A transaction is defined as: a successful debit order collection through our debit order platform)

 

We will also provide custom website development services on a per quote basis.              

 

Sales and Marketing Strategy US and South Africa

 

We provide a cloud-based loan origination software platform that enables businesses grant loans, sell products, pay bills and monthly subscription on terms. Our marketing activities to date in South Africa have primarily consisted of contacting potential sales leads and making presentations and attending a once a year conference that we attend with the Micro Finance South Africa.

 

With respect to our marketing campaign in both the US and South Africa, we plan to implement an all-in-one software platform that will enable us to manage and provide an inbound marketing experience to our customers. At the core of this platform will be a single inbound database that captures its customer activity throughout the customer lifecycle. The platform will use our centralized inbound database to empower us to create more personalized interactions with customers, such as personalized social media alerts, personalized websites, personalized emails and targeted alerts for sales people. This all-in-one platform is a marketing automation software solution, currently available on the market that we plan to buy and implement in our business.

 

6

 

 

With the marketing software implemented, we will use integrated applications like social media, search engine optimization, blogging, website content management, marketing automation, email, analytics and reporting to engage and attract visitors to our website and interact with potential customers throughout.

 

We plan to use the following marketing methods within the marketing software to implement our strategy:

 

Videos & Pot casts

 

Videos and digital media files each month will be created and posted continuously to attract viewers, which we have been accomplishing since August 2017.

 

Social Media & Applications

 

We will use social media and apps to connect with leads and our customers on a more personal level. We make use of two marketing companies to promote our brand on social media platforms.

 

Blog Posts

 

Create and maintain interesting blog posts to attract leads.

 

Webinars

 

We will attract potential customers by hosting webinars on interesting industry topics and by engaging with customers and potential customers face to face, by sharing quality information and having discussions on relevant industry matters. We purchased GoToMeeting and use this tool to interact with potential clients doing webinars.  

 

Email Campaigns & News Letters

 

We will signup customers and leads interested in our product through value added newsletters and email campaigns.

 

Events

 

We will arrange in-person marketing events together with industry leaders and opinion makers that will ensure personal interaction opportunities with potential clients that could result in a high conversion rate and quality leads to follow up on. During 2017, we attended 8 conferences engaging with industry leaders.

 

Seasonality

 

We have not had a seasonal business cycle in South Africa. We do not anticipate our business in the US being materially affected by seasonality factors.

 

Raw Materials

 

We do not use raw materials in our business.

 

Target Market

 

Our target market consists of:

  Online lenders;
  Credit facility storefronts;
  Retail establishments
  Lawyers, doctors, accountants; and
  Athletic or other clubs that charge monthly fees

 

7

 

 

Reliance Upon One or a Few Customers

 

During our Fiscal Year 2017, 4 customers accounted for 69.54% of our revenues business in South Africa, as follows: (a) 36.9% - Babereki, a payroll lender; b 15.88% -Finance 27, an online lender; (c) 11.67% - Finbond Mutual Bank, a branch-based bank and (d) 5.04 % - Mpowa Finance, an online lender.

 

Employees

 

We have 13 full-time employees: (a) our 2 officers, Wouter A Fouche and Jacob C Fölscher; (b) 1 project manager; (c) 1 administration manager; (d) 1 scientific programmer; (e) 5 systems engineers; and (f) 1 accounting/bookkeeping. 2 assistants. Our scientific programmer and 5 system engineers will continue to provide support and technical assistance and modifications to our current ACPAS support development of future products and our current system. All of our employees are located at our South Africa office, except for Wouter A. Fouche who is located at our US headquarters in Dallas, Texas.

 

To be Hired Employees

 

Over a 12-month period, we plan to hire 8 sales representatives, 4 technical support staff members, 4 training consultants and 1 national sales manager.

 

Geographic Territory

 

Our products and services have been offered since June 2008 in all South Africa provinces and will continue to be so offered. We have not yet offered our services in the US but intend to begin offering our products and services in July 2018, beginning with the State of Texas and then contingent upon adequate financing in other states.

 

Competition

 

Our primary competitors in the US are:

Infinity Enterprise Lending Systems based in Invise, Nevada; and
Epic Loan Systems based in Fort Lauderdale, Florida.

 

Our primary competitors in South Africa are 

Compuscan; and
Delter.

 

Each of the above competitors sell credit related software that is sold to payday and other lenders.

 

Competitive Advantages

 

  We are a Cloud based system and there is no need for physical installation;
  For the past 7 years we have designed a software system that incorporates regulatory guidelines, affordability guidelines on an ongoing basis in South Africa, which we can adapt to a US software credit system;
  South Africa has a non-paying culture as evidenced by market data.

 

Competitive Disadvantages

 

  Our competitors in the US and South Africa, including those mentioned above, have greater operational, financial and personnel resources than we do;
  We have not yet commenced our operations in the US;
  We will have substantial development of our business and software program to adopt to the various states; and
  We have not tested our marketing or our product in the US.

 

8

 

 

Government Regulation

 

Our customers’ products and services are subject to extensive US local, state and federal regulation and South Africa regulations. The regulation of the loan products and services industry is intended primarily for the protection of consumers and is constantly in flux as new regulations are introduced and existing regulations are repealed, amended, and modified.

 

US Regulation

 

Federal

 

Lending Laws. 

 

Our customers’ businesses are subject to the federal Truth in Lending Act and its underlying regulations, known as Regulation Z, the Fair Credit Reporting Act and the Equal Credit Opportunity Act. These laws require the Company to provide certain disclosures to prospective borrowers and protect against unfair credit practices. The principal disclosures required under the Truth in Lending Act are intended to promote the informed use of consumer credit. Under the Truth in Lending Act, when acting as a lender, a company is required to disclose certain material terms related to a credit transaction, including, but not limited to, the annual percentage rate, finance charge, amount financed, total of payments, the number and amount of payments and payment due dates to repay the indebtedness. The Fair Credit Reporting Act regulates the collection, dissemination and use of consumer information, including consumer credit information. The federal Equal Credit Opportunity Act prohibits a company from discriminating against any credit applicant based on any protected category, such as race, color, religion, national origin, sex, marital status or age, and requires the Company to notify credit applicants of any action taken on the individual’s credit application.

 

Consumer Reports and Information. 

 

The use of consumer reports and other personal data used in credit underwriting is governed by the Fair Credit Reporting Act and similar state laws governing the use of consumer credit information. The Fair Credit Reporting Act establishes requirements that apply to the use of “consumer reports” and similar data, including certain notifications to consumers where their loan application has been denied because of information contained in their consumer report. The Fair Credit Reporting Act requires a company to promptly update any credit information reported to a credit reporting agency about a consumer and to allow a process by which consumers may inquire about credit information furnished by a company to a consumer reporting agency.

 

Information-Sharing Laws. 

 

Our customers are also subject to the federal Fair and Accurate Credit Transactions Act, which limits the sharing of information with affiliates for marketing purposes and requires the Company to adopt written guidance and procedures for detecting, preventing and responding appropriately to mitigate identity theft and to adopt various policies and procedures and provide training and materials that address the importance of protecting non-public personal information and aid a company in detecting and responding to suspicious activity, including suspicious activity that may suggest a possible identity theft red flag, as appropriate.

 

Marketing Laws. 

 

Our customers’ advertising and marketing activities are subject to several federal laws and regulations including the Federal Trade Commission Act, which prohibits unfair or deceptive acts or practices and false or misleading advertisements in all aspects of a company’s business. In furtherance of consumer protection, the Federal Trade Commission provides guidance and enforces federal laws concerning truthful advertising and marketing practices; fair financial practices in lending, loan servicing and debt collection; and protection of sensitive consumer information. As a financial services company, any advertisements related to a company’s products must also comply with the advertising requirements set forth in the Truth in Lending Act. Also, any of a company’s telephone marketing activities must comply with the Telephone Consumer Protection Act and the Telephone Sales Rule. The Telephone Consumer Protection Act prohibits the use of automatic telephone dialing systems for communications with wireless phone numbers without the express consent of the consumer, and the Telephone Sales Rule established the Do Not Call Registry and sets forth standards of conduct for all telemarketing. A company’s advertising and marketing activities are also subject to the CAN-SPAM Act of 2003 which establishes certain requirements for commercial email messages and specifies penalties for the transmission of commercial email messages that are intended to deceive the recipient as to the source of content.

 

9

 

 

Military Lending Laws

 

In July 2015, the Department of Defense published a finalized set of new rules under the Military Lending Act. The Military Lending Act (and rules previously adopted thereunder) restricts credit companies from offering its short-term unsecured credit products to members of the military or their dependents because none of the Company’s short-term unsecured credit products carry a military annual percentage rate of 36% or less. The new rule expands the scope of the credit products covered by the Military Lending Act to include certain non-purchase money loans secured by personal property or vehicles and certain unsecured installment loan products to the extent any of such products have a military annual percentage rate greater than 36. The rules under the Military Lending Act contain various disclosure requirements, limitations on renewals and refinancing and other restrictions, including restrictions on the use of prepayment penalties, arbitration provisions and certain waivers of rights. The rule provides that a lender is subject to fines and other penalties if it extends credit to a member of the military or a military dependent on terms prohibited by the rule. The new rule does provide a safe harbor for a lender if it verifies a potential borrower’s military status before extending credit by checking the Department of Defense’s database or a database of a national credit-reporting agency that provides military status information. In addition, Federal law also limits the annual percentage rate on existing loans when the consumer becomes an active-duty member of the military during the life of a loan, or the spouse of an active duty member of the military during the life of the loan. In accordance with federal law, the interest rate must be reduced to 6% per year on amounts outstanding during the time in which the service member is on active duty.

 

Funds Transfer and Signature Authentication Laws. 

 

Our customers’ business is also subject to the federal Electronic Funds Transfer Act and various other laws, rules and guidelines relating to the procedures and disclosures required for debiting or crediting a debtor’s bank account relating to a consumer loan (i.e., ACH funds transfer). Furthermore, our customers are also subject to various state and federal e-signature rules mandating that certain disclosures be made and certain steps be followed to obtain and authenticate e-signatures.

 

Debt Collection Practices. 

 

Additionally, our customers’ CSO programs are required by both federal and some state laws to comply with the federal Fair Debt Collection Practices Act. Our customers also use the Fair Debt Collection Practices Act as a guide in connection with operating its other collection activities. Our customers are also required to comply with all applicable state collection practices laws.

 

Privacy and Security of Non-Public Customer Information. 

 

Our customers are subject to various federal and state laws and regulations relating to privacy and data security. Under these laws, including the federal Gramm-Leach-Bliley Act, our customers must disclose to consumers its privacy policy and practices, including those policies relating to the sharing of consumers’ nonpublic personal information with third parties. This disclosure must be made to consumers when the customer relationship is established and, in some cases, at least annually thereafter. These regulations also require a company to ensure that its systems are designed to protect the confidentiality of consumers’ nonpublic personal information. These regulations also dictate certain actions that it must take to notify consumers if their personal information is disclosed in an unauthorized manner.

 

Anti-Money Laundering and Economic Sanctions. 

 

Our customers are also subject to certain provisions of the USA PATRIOT Act and the Bank Secrecy Act under which a company must maintain an anti-money laundering compliance program covering certain of its business activities. In addition, the Office of Foreign Assets Control prohibits a company from engaging in financial transactions with specially designated nationals.

 

10

 

 

Consumer Financial Protection Bureau

 

In July 2010, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), which authorized the creation of the Consumer Financial Protection Bureau (“CFPB”) to regulate a variety of consumer finance transactions. The CFPB has regulatory, supervisory, and enforcement powers over non-bank providers of consumer financial products and services, like us. The CFPB has explicit supervisory authority to: (i) examine and require registration of providers of consumer financial products and services, including providers of consumer loans such as us; (ii) adopt rules describing specified acts and practices as being “unfair,” “deceptive,” or “abusive,” and hence unlawful; and (iii) impose recordkeeping obligations. We do not currently know the nature and extent of the rules the CFPB will consider for consumer loan products and services such as those offered by us or the timeframe in which the CFPB may consider such rules.

 

The CFPB has indicated that it intends to systematically gather data to obtain a complete understanding of the consumer loan market and its impact on consumers, and the CFPB has also released its Short-Term, Small-Dollar Lending Procedures, which, in conjunction with the CFPB’s supervision and examination manual is the field guide CFPB examiners will use when examining small-dollar lenders such as Advance America. The CFPB’s examination authority permits CFPB examiners to inspect our books and records and ask questions about our business. The CFPB’s examination procedures include specific modules for examining marketing activities, loan application and origination activities, payment processing activities, sustained use by consumers, collection activities, defaults, consumer reporting and third-party relationships. We have incurred, and will continue to incur, additional expenses to monitor and comply with CFPB regulations. Althou.gh the CFPB does not have the authority to regulate fees or interest rates, it is possible that the CFPB could propose and adopt rules that would make short-term consumer lending products and services materially less profitable or even impractical to offer, which could force us to modify or terminate certain of our product offerings in the United States. The CFPB also could adopt rules imposing new and potentially burdensome requirements and limitations with respect to other consumer loan products and services. Any such rules may have a material adverse effect on our business, results of operations, and financial condition or could make the continuance of all or part of our current U.S. business impractical or unprofitable.

 

In addition to the Dodd-Frank Act’s grant of regulatory and supervisory powers to the CFPB, the Dodd-Frank Act gives the CFPB authority to pursue administrative proceedings or litigation for violations of federal consumer financial laws (including the CFPB’s own rules). In these proceedings, the CFPB can obtain cease and desist orders (which can include orders for restitution or rescission of contracts, as well as other kinds of affirmative relief) and monetary penalties ranging from $5,000 per day for ordinary violations of federal consumer financial laws to $25,000 per day for reckless violations and $1 million per day for knowing violations. Also, where a company has violated Title X of the Dodd-Frank Act or CFPB regulations implemented under Title X of the Dodd-Frank Act, the Dodd-Frank Act empowers state attorneys general and state regulators to bring civil actions for the kind of cease and desist orders available to the CFPB. If the CFPB or one or more state officials believe that we have violated any of the applicable laws or regulations, they could exercise their enforcement powers in ways that could have a material adverse effect on our business, results of operations, and financial condition.

 

Other Federal Laws

 

Our customers’ products and services are subject to a variety of other federal laws and regulations, such as the Truth-in-Lending Act (“TILA”), the Equal Credit Opportunity Act (“ECOA”), the Fair Credit Reporting Act (“FCRA”), the Fair Debt Collection Practices Act (“FDCPA”), the Gramm-Leach-Bliley Act (“GLBA”), the Bank Secrecy Act, the Money Laundering Control Act of 1986, the Money Laundering Suppression Act of 1994, and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “PATRIOT Act”), and the regulations promulgated under each. Among other things, these laws require disclosure of the principal terms of each transaction to every customer, prohibit misleading advertising, protect against discriminatory lending practices, and proscribe unfair credit practices. TILA and Regulation Z, adopted under TILA, require disclosure of, among other things, the pertinent elements of consumer credit transactions, including the dollar amount of the finance charge and the charge expressed in terms of an annual percentage rate.

 

11

 

 

Our customers’ marketing efforts and representations made about their loan advances are subject to federal and state unfair and deceptive practices statutes. The Federal Trade Commission (“FTC”) enforces the Federal Trade Commission Act and the state attorneys general and private plaintiffs enforce the analogous state statutes.

 

Federal Legislative Proposals

 

Various anti-cash advance legislation has been proposed or introduced in the U.S. Congress. Federal and state legislators continue to receive pressure from consumer advocates and other industry opposition groups to adopt such legislation. In 2008 and 2009, bills were introduced in the U.S. Congress that would have placed a cap of 36% on the effective annual percentage rate (“APR”) on all consumer loan transactions. Another bill would have placed a 15-cents-per-dollar borrowed ($0.15/$1.00) cap on fees for cash advances and would have implemented other consumer protections. Other bills have been introduced that would have limited to six the number of cash advances a customer would be permitted to receive in any 12-month period. Any federal legislation or regulation that places restrictions on cash advances and similar services could have a material adverse effect on our customers’ business, prospects, results of operations, and financial condition. Any federal law that would impose a 36% APR limit or prohibit or severely restrict cash advance services may eliminate our customers’ ability to continue their current operations and in turn negatively affect our revenues and results of operations.

 

State and Local Regulations

 

Our customers’ consumer loan business is regulated under a variety of enabling state statutes and is also subject to various local rules and regulations. The scope of state regulation, including the fees and terms of a company’s consumer loan products and services, varies from state to state. The terms of our customers’ loan products and services will vary from state to state to comply with the laws and regulations of the states in which it operates. The states with laws that specifically regulate the consumer loan products and services typically limit the principal amount of a consumer loan and set maximum fees or interest rates that customers may be charged. Most states also limit a customer’s ability to renew a short-term consumer loan and require various disclosures to consumers. State statutes often specify minimum and maximum maturity dates for consumer loans and, in some cases, specify mandatory cooling-off periods between transactions. Our customers’ collection activities regarding past due amounts are subject to consumer protection laws and state regulations relating to debt collection practices. In addition, some states require certain disclosures or content to accompany a company’s advertising and marketing materials. Also, some states require a company to report loan activity to statewide databases and restrict the number and/or principal amount of loans a consumer may have outstanding at any time or over the course of a period, typically twelve months. The local rules and regulations vary widely from city to city. The most restrictive local rules and regulations relate to zoning and land use restrictions; however, local jurisdictions’ efforts to regulate or restrict the terms of a consumer loan product have recently increased, predominantly in the State of Texas.

 

In states or jurisdictions where the credit facilities offer CSO programs, our customers are required to comply with that jurisdiction’s Credit Services Organization Act, Credit Access Business law or a similar statute. These laws generally define the services that the Company can provide to consumers and require the Company to provide a contract to the customer outlining the Company’s services and the cost of those services to the customer. In addition, these laws may require additional disclosures to consumers and may require the Company to be registered with the jurisdiction and/or be bonded.

 

Over the last few years, legislation that prohibits or severely restricts our customers’ loan products and services or the profitability of the loan products and services has been introduced or adopted in a number of states.

 

South Africa Credit Regulations (The National Credit Act)

 

The National Credit Act (“NCA”) regulates the South Africa credit industry and was designed to protect consumer in the credit market and make credit and banking services more accessible. The Purpose of the NCA Act is to: promote a fair and non-discriminatory market place for access to consumer credit; regulate consumer credit and improve standards of Consumer information; prohibit certain unfair credit and credit marketing practices; promote responsible credit granting and use; prohibit reckless credit granting; provide for debt re-organization in case of over-indebtedness; to regulate credit information; and establish recourse for unfair credit practices. The NCA does this by simplifying and standardizing credit agreements and information disclosure; providing for the use of simple language that is easy to understand for comparing credit agreements from different credit providers; ensures all credit products are handled in the same way by credit providers; assisting over-indebted Consumers to restructure their debt with the help of a Debt Counselor (DC) and encourage responsible lending; regulates credit bureaus in terms of their Consumer information and records; establishing the National Credit Regulator (NCR) to regulate the entire credit market; and establishing the National Consumer Tribunal (CT) to adjudicate on Consumer complaints and disputes with credit providers, contraventions of The Act and decisions of the Regulator.

 

12

 

 

The NCA affects anyone dealing with the credit industry such as credit grantors, credit grantees and intermediaries. The NCA defines a “credit agreement” broadly as any installment purchase agreement of goods or services, as well as the extension of credit in the form of money i.e. home loans, personal loans, credit cards, store cards and short-term loans. Therefore, a credit agreement applies to any party involved in the credit agreement which is classified into three categories namely incidental credit agreements; intermediate agreements; and large credit agreements.

 

Credit Providers include banks, micro lenders, retailers such as furniture and clothing stores, all businesses, companies, close corporations, partnerships and individuals who do business on credit, provide loans or charge interest on overdue accounts. Consumers Include natural person, companies, close corporations, trusts (with more than three individual trustees), partnerships and an association of persons whose asset value or annual turnover, together with the combined asset value or annual turnover of all related juristic persons, at the time the agreement is made, equals or exceeds the threshold value of 1 million rands.

 

The NCA lists a number of consumer rights, which are protected by the Act. A party who breaches Consumer rights protected by the NCA commits an offence in terms of credit law, which enables Consumer recourse through the established dispute channels. The following are Consumer rights protected in the NCA:

 

  To apply for credit
  To be protected against discrimination in the granting of credit
  To be informed why credit has not been granted, should you ask
  To receive a free copy of your credit agreement
  To receive a credit agreement in plain and simple language
  To have your personal and financial information treated confidential
  To understand all fees, costs, interest rates, the total installment and any other details
  To say no to increases on your credit limit
  To decide whether or not you want to be informed about products or services via telephone, SMS, mail or e-mail campaigns
  To apply for debt counseling should you be overwhelmed by debt

 

The key points of the NCA are:

 

1. Marketing

 

The NCA restricts and prohibits certain practices of loan canvassing such as door to door selling, uninvited canvassing at workplaces or homes. The NCA also increased control over marketing practices and advertisements such as automatic credit limit increases and negative option marketing i.e. if you do not decline, we will assume you agree. In addition, the National Credit Act provides for clear and understandable marketing communication. Consumers must receive a detailed written quote, which is valid for 5 business days, to enable quote comparisons from different credit providers.

 

2. Capped Interest Rates and Other Fees and Charges

 

The NCA effectively caps the interest rates, fees and other charges, which credit providers, can charge, depending on the type of credit and when the credit was granted. The maximum interest rate, in most cases, is based on a formula, which is dependent on the SA Reserve Bank Repurchase (Repo) rate at the time that the credit was granted. Essentially, there are seven rate categories namely mortgage agreements; credit cards/facilities; unsecured credit transactions; short-term credit transactions; developmental credit agreements; other credit agreements and incidental credit agreements. The NCA places a cap on the maximum amount that a credit provider can charge for other fees such as initiation fees, monthly service, and default and collection costs. While a loan protection policy is permitted, the charges must “be reasonable” and the Consumer may use/cede an existing insurance cover.

 

13

 

 

3. Loan Application

 

The NCA requires credit providers to supply simple contracts that are easy to understand, in two official languages and the Consumer must receive a free copy. Consumers are also entitled to a reason, on request, when the credit provider denies credit. The NCA requires credit providers to do due diligence to ensure the Consumer can afford the loan and all loans must be recorded on a register to prevent Consumers becoming over-indebted.

 

4. Reckless Lending

 

Credit providers are in contravention of the NCA and may be judged guilty of reckless lending if the Consumers ability to afford loan repayments is not assessed before granting credit. Credit providers may be subject to severe penalties and may even forfeit their right to recover the debt if they are judged guilty of reckless lending. However, Consumers who failed to fill in the loan application fully and honestly are not protected by the NCA.

 

5. Debt Counselor & Counseling

 

The NCA gives Consumers the right to apply for financial management and debt counseling assistance if he or she is unable to pay their debts. The Debt Counselor (DC) is registered by the NCR after successful course and exam completion. Debt counselors will help over-indebted Consumers restructure/rearrange their debt repayments, this process can be voluntary or made an order of the court.

 

All DCs must be registered with the National Credit Regulator and fees are prescribed in terms of the NCA. Consumers must understand and accept the process, charges and payments before undergoing debt counseling. Once the Consumer has signed for debt counseling, the credit bureau is notified, and the Consumer will be unable to obtain further credit for the duration of debt counseling until the process is finalized/withdrawn.

 

6. Credit Bureau

 

The NCA requires all credit bureau to be registered with and submit reports to the National Credit Regulator. Credit bureau are required to ensure data is accurate at all times and that inaccurate information is immediately removed without cost to the Consumer after the Consumer has lodged a complaint. The NCA regulations stipulate how Credit bureau information is obtained, used, and for how long it should remain on a Consumer’s profile.

 

In addition, Consumers are eligible for one free credit report from each credit bureau each year to effectively manage their credit profiles.

 

7. The National Credit Regulator and the Consumer Tribunal

 

The NCA established the NCR to regulate the credit industry and ensure that credit providers comply with the NCA. In addition, the NCR is responsible for investigating and evaluating Consumer complaints about alleged contraventions of the NCA by credit providers. All credit providers, credit bureau and debt counselors must register and report to the NCR.

 

In addition to the NCR, the NCA established the Consumer Tribunal with equal status to a court of law to hear and adjudicate on: applications made in terms of the NCA by consumers; credit providers and credit bureau; debt counselors and the NCR including applications for interim relief and a review of the NCR’s decisions; matters referred to by the NCR or complaints related to allegations of prohibited

 

Research and Development

 

Since our inception, we have had no research and development expenses.

 

14

 

 

Patents and Intellectual Property/Trademarks/Licenses/Franchises

 

We do not currently own any patents and have no intention of applying for patents. We rely upon our trade secrets for our technology. We currently have no trademarks. We are not a party to any license, royalty or franchise agreements.

 

Material Agreements

 

Verbal Agreement with Wouter Fouche

 

We have a February 2014 verbal agreement with our Chief Executive Officer, Wouter Fouche, to pay him a monthly salary of $6,000 for our fiscal years 2015 and 2016 based upon available funds. This monthly salary will increase to $9,000 when funds are available. Additionally, we verbally agreed to pay Wouter Fouche a $10,000 relocation expense for relocating to the US. This monthly salary and $10,000 relocation expense are the sole terms of this verbal agreement.

 

Verbal Agreement with Jacob C Fölscher

 

We have a February 2014 verbal agreement with our Chief Financial Officer, Jacob C. Fölscher, to pay him a monthly salary of $6,000 for our fiscal years 2015 and 2016 based upon available funds. This monthly salary will increase to $9,000 when funds are available. Additionally, we verbally agreed to pay Jacob C. Fölscher a $10,000 relocation expense for relocating to the US. The $9,000 monthly salary and $10,000 relocation expense are the sole terms of this verbal agreement.

 

Share Exchange Agreement with Rent Pay (Pty) Ltd

 

On November 4, 2015, we completed a Share Exchange Agreement with Rent Pay (Pty), Ltd (“Rent Pay”), a South African company, and Rent Pay’s shareholders, which are South Africa Trusts controlled by our officers.   In the Share Exchange, we exchanged 200,000 shares of our common stock for all of Rent Pay’s outstanding shares (1,000 shares), 500 of which were in the name of the Loantech Trust, a trust controlled by our officer, Wouter Fouche, and 500 shares in the name of Fölscher Family Trust, a trust controlled by our other officer, Jacob Fölscher. As a result of the share exchange, Rent Pay become our wholly owned subsidiary of UPAY

 

Stock Purchase Agreement with Emerging Markets Consulting, LLC

 

We have an October 26, 2015 stock purchase agreement with Emerging Markets Consulting, LLC (“Emerging Markets”) providing for Emerging Markets’ purchase of 1,875,000 common stock shares for a per share price of $0.0013 for a total purchase price of $2,500. As disclosed on page 50, this transaction is a related party transaction and Emerging Markets is a related party.

 

Stock Purchase Agreement with Rainmaker Group Consulting, LLC

 

We have an October 26, 2015 stock purchase agreement with Rainmaker Group Consulting, LLC (“Rainmaker”) providing for Rainmaker’s purchase of 1,875,000 common stock shares for a per share price of $0.0013 for a total purchase price of $2,500. As disclosed on page 50, this transaction is a related party transaction and Rainmaker is a related party.

 

Independent Consulting Agreement with Emerging Markets Consulting, LLC

 

We have an independent consulting agreement with Emerging Markets effective as of June 1, 2015, whereby Emerging Markets provides us with the following services: (a) consult with and assist us in capitalization table and share structure; (b) assisting with review of the S-1 Registration Statement; (c) coordinate with professionals involved in the S-1 Registration Process, including our Chief Executive Officer, securities attorney and auditor, for the purpose of efficiently coordinating the S-1 Registration Process; (d) referral of a broker-dealer to file a 15c2-11 with FINRA and consult with and assist us in the filing of a 15c2-11 with FINRA; and (e) referral of a company to file a DTC application with the Depository Trust Company and consult with and assist us in the filing of a DTC application with the Depository Trust Company. We are required to pay Emerging Markets 10,000 cashless warrants to be issued within 10 days of receiving an effectiveness notice from the SEC regarding the S-1 filing. The warrants have an exercise price of $5.00 and are exercisable for a two-year period following their issuance. As disclosed on page 50, this transaction is a related party transaction and Emerging Markets is a related party.

 

15

 

 

Independent Consulting Agreement with Rainmaker Group Consulting, LLC

 

We have an independent consulting agreement with Rainmaker effective as of June 1, 2015, whereby Rainmaker provides us with the following services: (a) referrals from the Consultant to us, regarding PCAOB auditors, accounting professionals experienced in GAAP accounting, Edgar services, transfer agents, securities attorney and other professionals as requested by the Company; (b) assisting with review of an S-1 Registration Statement; (c) coordinate with professionals involved in the S-1 Registration Process, including our Chief Executive Officer, securities attorney and auditor, for the purpose of efficiently coordinating the S-1 Registration Process; and (d) consult with and assist us in developing the Company’s business plan, strategy and personnel. We are required to pay Rainmaker 10,000 cashless warrants to be issued within 10 days of receiving an effectiveness notice from the SEC regarding the S-1 filing. The warrants have an exercise price of $5.00 and are exercisable for a two-year period following their issuance.  As disclosed on page 50, this transaction is a related party transaction and Rainmaker is a related party.

 

Consulting Agreement with Ferdinand Labuschagne

 

We have a June 3, 2016 consulting agreement with Ferdinand Labuschagne to perform business advisory services in return for 300,000 restricted common stock shares that were issued and two million cashless warrants exercisable at $3.50 with an exercise period of 2 years following the effectiveness notice from the SEC, at which time the warrants will be issued. The warrant and its underlying shares and the 300,000 shares are subject to a Dribble Out Agreement providing that Ferdinand Labuschagne agrees not to sell during each quarter after the lock up period more than 10% of its shares then held and not more than 1,500 shares per day. The shares and the warrants are locked up for a period of 2 years following their issuance.  As disclosed on page 50, Ferdinand Labuschagne is Wouter A. Fouche’s brother-in-law and the consulting agreement is a related party transaction. 

 

Software Services Agreement with Fourier Systems (Pty) Ltd

 

We have a January 18, 2016 Software Services Agreement with Fourier Systems (Pty) Ltd (“Fourier”), a software services company located and registered in South Africa. In the agreement, Fourier agrees to provide services to develop the software for a US Loan Administration System and a Payment Gateway System in return for 1,800,000 restricted common stock shares, 1,000,000 shares of which will be recorded in book entry at our transfer agent within 10 days of the development completion of all functionality of the Loan Administration System and 800,000 shares of which will be recorded in book entry at the Company’s transfer agent within 10 days of the development completion of the our Payment Gateway. The agreement is subject to the terms of a Dribble Out Agreement providing that: (a) the 1,000,000 shares and the 800,000 shares will be locked up for 2 years following the issuance of the 1,000,000 shares and 800,000 shares, respectively; and (b) Fourier may not sell during each quarter after the lock-up period more than 10% of its shares then held and not more than 3,000 shares per day.  

 

Website/Software Services Agreement with Twin Harbor Web Solutions, Inc.

 

We have a January 1, 2016 Website/Software Services Agreement with Twin Harbor Web Solutions, Inc. (“Twin Harbor) providing that Twin Harbor will provide software and website development services involving website design and basic website setup for our ACPAS system. The agreement provides that we will pay Twin Harbor: (a) $35 per month to be billed annually for website hosting; (b) $750 for website setup; (c) an initial $2,000 payment to build the master website and the plug in with all of our web services; and (d) upon completion of the master website with all plugins, we will issue 30,000 restricted common stock shares.

 

16

 

 

ITEM 1A.    RISK FACTORS

 

As a “Smaller Reporting Company”, we are not required to provide this information.

 

ITEM 1B.    UNRESOLVED STAFF COMMENTS

 

As a “Smaller Reporting Company”, we are not required to provide this information.

 

ITEM 2. PROPERTIES

 

We pay monthly rent of $715 per month for our Dallas, Texas office. Our office is 155 square feet and are adequate for our current needs. Our lease expires on 30 April 2018 but automatically renews after this period on a month to month basis. Our Dallas, Texas office is adequate for our needs.

 

Rent Pay’s offices are located at South Africa and comprise 1076 square feet. The South Africa offices are composed of reception area, boardroom, one sales room, support and administration office. Rent Pay pays monthly rent of $683 and its lease expires on 28 February 2018. We are currently in the process of extending our current lease and also to add the next-door office to our new lease agreement, as we would need additional space in the near future. The total office space will double and now be 2152 square feet as of April 2018.

 

ITEM 3. LEGAL PROCEEDINGS

 

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting us, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not Applicable.

 

PART II

 

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 

Trading Symbol

 

We do not yet have a trading symbol. Our sponsoring broker-dealer filed a 15c2-11 application with FINRA which is undergoing the comment process.

 

Common Stock

 

As of June 4, 2018, our common stock was held by 39 stockholders of record and we had 25 915 310 shares of common stock issued and outstanding.

 

Dividend Policy

 

We have never declared or paid any cash dividends on our common stock. We do not anticipate paying any cash dividends to stockholders in the foreseeable future. In addition, any future determination to pay cash dividends will be at the discretion of the board of directors and will be dependent upon our financial condition, results of operations, capital requirements, and such other factors as the Board of Directors deem relevant. There are no restrictions in our articles of incorporation or bylaws that restrict us from declaring dividends.

 

ITEM 6. SELECTED FINANCIAL DATA

 

We are a smaller reporting company as defined by Rule 229.10(f) (1) and are not required to provide the information required by this Item.

 

17

 

 

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objections of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

 

Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words and may include:

 

  projections about accounting and finances;
     
  plans and objectives for the future;
     
  projections or estimates about assumptions relating to our performance; or
     
  our opinions, views or beliefs about the effects of current or future events, circumstances or performance.

 

These forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our ongoing securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement.

 

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any or our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The factors impacting these risks and uncertainties include, but are not limited to:

 

  Our results are vulnerable to economic conditions;
     
  Our ability to raise adequate working capital;
     
  Loss of customers or sales weakness;
     
  Inability to achieve sales levels or other operating results;
     
  The unavailability of funds for capital expenditures;
     
  Operational inefficiencies;
     
  Increased competitive pressures from existing competitors and new entrants;

 

18

 

 

You should view these statements with caution. These statements are not guarantees of future performance, circumstances or events. They are based on facts and circumstances known to us as of the date the statements are made. All aspects of our business are subject to uncertainties, risks and other influences, many of which we do not control. Any of these factors, either alone or taken together, could have a material adverse effect on us and could change whether any forward-looking statement ultimately turns out to be true. Additionally, we assume no obligation to update any forward-looking statement as a result of future events, circumstances or developments. The following discussion should be read together with the Consolidated Financial Statements and the notes thereto. Outlined below are some of the risks that we believe could affect our business and financial statements for 2016 and beyond and that could cause actual results to be materially different from those that may be set forth in forward-looking statements that we make.

 

GENERAL

 

Recent Developments

 

Overview

 

19

 

 

Off-Balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

 

Inflation

 

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

 

Critical Accounting Policies and Estimates

 

Our significant accounting policies are more fully described in the notes to our consolidated financial statements included herein for the year ended February 28, 2017.

 

Recently Adopted Accounting Pronouncements

 

In July 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) “ Income Statement – Reporting Comprehensive Income (Topic 220) ”. This ASU deals with the reclassification of certain tax effects from Accumulated Other Comprehensive Income. We do not believe that there will be any significant financial impact due to prior taxable losses and our net operating loss carry forward.

 

In July 2017, FASB issued ASU “ Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) ”: (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Management believes that Topics 260 and 480 pertains to the Company and the impact will be immaterial.

 

In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows ”. The new guidance will require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents is required to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted. The amendment should be adopted retrospectively. We plan to adopt this new guidance in the first quarter of fiscal year 2018 and does not expect the adoption to have a material impact on our financial statements.

 

In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Compensation Accounting ”, which requires that excess tax benefits are recorded on the income statement as opposed to additional paid-in-capital, and treated as an operating activity on the statement of cash flows. ASU 2016-09 also allows companies to make an accounting policy election to either estimate the number of awards that are expected to vest (current U.S. GAAP) or account for forfeitures when they occur. ASU 2016-09 further requires cash paid by an employer when directly withholding shares for tax-withholding purposes to be classified as a financing activity on the statement of cash flows. The ASU 2016-09 was subsequently updated with ASU 2017-09, issued in May 2017. These standards will become effective for us in fiscal 2018. We do not believe that there will be any significant financial impact due to prior taxable losses and our net operating loss carry forward.

 

In January 2018, FASB issued Update 2018-01—Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, which states the amendments in this Update affect the amendments in Update 2016-02, which are not yet effective but may be early adopted, and Example 10 of Subtopic 350- 30. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Update 2016-02. An entity that early adopted Topic 842 should apply the amendments in this Update upon issuance.

 

In September 2017, FASB issued and update to ASC 606, which states effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured. 

 

Management does not believe that any other recently issued, but not effective, accounting standards if currently adopted would have a material effect on the accompanying consolidated financial statements.

 

COMPARATIVE RESULTS FOR FISCAL YEARS 2017 AND 2016

 

Results of Operations:  For the year ended February 28, 2017 and February 29, 2016

 

Liquidity and Capital Resources

 

Revenues

 

Our revenues for the years ended February 28, 2017 and February 29, 2016 were $572,868 and $340,811, respectively, reflecting increased revenues of $232,057 or 68%. The $232,057 increased revenues are primarily attributable to growth in our custom software development and in our current customers’ turnover and subsequent transactional revenue earned from it.

 

Net Profit/Net Loss

 

We had a net loss of $60,891 for the year ended February 28, 2017 and a net income of $4,525 for the year February 29, 2016, reflecting increased net loss of $56,366, which is primarily attributable to the high cost associated with required PCAOB audits and underlying accounting work as well as growth in employee cost and software development and legal cost. We had a working capital surplus of $132,894 and $95,814 at February 28, 2017 and February 29, 2016, respectively. The $132,894 working capital surplus in fiscal year 2017 is primarily attributable to our increased cash and cash equivalents to $262,974 at February 28, 2017 (compared to $146,090 at February 29, 2016), offset by current liabilities of $222,053 at February 28, 2017 (compared to $89,140 at February 29, 2016)

 

20

 

 

Operating Expenses

 

We incurred total expenses of $557,545 and $276,447 for the years ended February 28, 2017 and February 29, 2016 respectively, reflecting an increase of $281,098 or 102% from fiscal year 2016 to fiscal year 2017. The increase in total expenses from the prior fiscal year is primarily attributable to increased accounting, legal and employee cost, contributing to general and administrative expenses of $552,130 from fiscal year 2017 compared to $271,501 from fiscal year 2016, representing a $280,629 increase or 103% in expenses.

 

Our net cash flows provided by operating activities was $59,496 for the year ended February 28, 2017 compared to cash flows used in operating activities of $30,078 for the year ended February 29, 2016, representing an increase of $29,418.

 

Our net cash provided by investing activities were $(3,682) and $3,608 for the years ended February 28, 2017 and February 29, 2016, respectively, reflecting a $7,290 decrease in net cash used in investing activities. This $7,290 decrease in net cash used in investing activities is primarily attributable to the purchase of fixed assets, such as office and IT equipment.

 

Our net cash provided by financing activities was $61,445 and $82,886 for the fiscal years ended February 28, 2017 and February 29, 2016, respectively, representing a $21,441 decrease from fiscal year 2017 to fiscal year 2016. The decrease is primarily attributable to having raised more funds from a private equity offering in Fiscal Year 2016 compared to Fiscal year 2017. 

 

We estimate that we will have operating costs of $630,000 for the remainder of fiscal year 2018 assuming we receive sufficient funding.

 

Going forward, our monthly estimated cash needs of $54166 over the next 12 months from March 2017 to February 2018 include the following estimated expenditures:

 

Description $ Amount
Rent 1630
Phone 630
IT 1200
Legal fees 3000
Salaries 37135
SEC reporting 2800

 

These estimated expenditures are based upon current expenses and anticipated increases and growth.

 

We plan on meeting our cash needs over the next 12 months, including our SEC reporting costs, through our current cash position of $262,974 as of February 28, 2017 and our existing business in South Africa although we cannot provide any assurances whatsoever that we will generate sufficient revenues to meet these cash needs.

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company, as defined by Rule 229.10(f) (1) and are not required to provide the information required by this Item.

 

21

 

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

UPAY, Inc.

Consolidated Financial Statements

 

  Index
   
Table of Contents  
   
Report of Independent Registered Public Accounting Firms F-2
   
Consolidated Balance Sheets F-4
   
Consolidated Statements of Operations and Comprehensive (Loss) Income F-5
   
Consolidated Statement of Stockholders’ Equity and Accumulated Other Comprehensive Loss F-6
   
Consolidated Statements of Cash Flows F-7
   
Notes to the Consolidated Financial Statements F-8

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and

Stockholders of UPAY, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheet of UPAY, Inc. (the Company) as of February 28, 2017, and the related consolidated statement of operations, comprehensive income, stockholders’ equity, and cash flows for the year ended February 28, 2017, and the related notes (collectively referred to as the financial statements). The financial statements of UPAY, Inc. as of February 29, 2016, were audited by other auditors whose report dated July 8, 2016 expressed an unqualified opinion on those statements. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of February 28, 2017 and the results of its operations and its cash flows for each of the years in the two-year period ended February 28, 2017, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company suffered losses from operations which raise substantial doubt about its ability to continue as a going concern. Managements plans regarding those matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

/s/M&K CPAS, PLLC

 

We have served as the Company’s auditor since 2017.

 

Houston, TX

 

July 17, 2018

 

F-2

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors of Upay, Inc.

 

We have audited the accompanying consolidated balance sheet of Upay, Inc. (the “Company”) as of February 29, 2016, and the related consolidated statements of operations and comprehensive income (loss), stockholders’ equity and accumulated other comprehensive loss, and cash flows for the year then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of February 29, 2016, and the results of its consolidated operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to such consolidated financial statements, the Company does not have the liquidity or revenues to implement its business plan and has ongoing requirements for additional capital investment. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

/s/Frazier & Deeter, LLC

 

Tampa, Florida

 

July 8, 2016

 

F-3

 

  

UPAY, Inc.

Consolidated Balance Sheets

(Expressed in U.S. dollars)

 

   February 28,
2017
  February 29,
2016
       
ASSETS          
           
Current Assets          
           
Cash and cash equivalents  $262,974   $146,090 
Accounts receivable   89,669    32,000 
Loans receivable from related parties       5,693 
Prepaid expenses and other current assets   2,304    1,171 
           
Total Current Assets   354,947    184,954 
           
Property and Equipment, Net   8,927    9,009 
           
Total Assets  $363,874   $193,963 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current Liabilities          
           
Accounts payable  $217,589   $81,564 
Taxes payable   4,464    4,470 
Current portion of capital lease obligations       3,106 
           
Total Current Liabilities   222,053    89,140 
           
Capital Lease Obligations       6,181 
           
Total Liabilities   222,053    95,321 
           
Stockholders’ Equity          
           
Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding         
Common Stock, $0.001 par value, 100,000,000 shares authorized; 23,915,310 shares and 22,898,310 shares issued and outstanding at February 28, 2017, and 2016, respectively    23,915    22,898 
Additional Paid in Capital   172,732    72,049 
Stock Subscription Receivable       (2,745)
(Accumulated Deficit) Retained Earnings   (48,506)   12,385 
Accumulated Other Comprehensive Loss   (6,320)   (5,945)
           
Total Stockholders’ Equity   141,821    98,642 
           
Total Liabilities and Stockholders’ Equity  $363,874   $193,963 

 

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

 

F-4

 

UPAY, Inc.

Consolidated Statements of Operations and Comprehensive (Loss) Income

(Expressed in U.S. dollars)

 

   Year  Year
   Ended  Ended
   February 28,  February 29,
   2017  2016
       
Revenue  $572,868   $340,811 
Cost of Revenue   (64,521)   (54,187)
           
Gross Profit   508,347    286,624 
           
Expenses          
           
General and administrative   552,130    271,501 
Depreciation   5,415    4,946 
           
Total Expenses   557,545    276,447 
           
Net (Loss) Income Before Other Expenses and Income Taxes   (49,198)   10,177 
           
Other Income (Expenses)          
           
Interest income   1,887    57 
Interest expense   (1,903)   (2,139)
           
(Loss) Income Before Income Taxes   (49,214)   8,095 
           
Provision for income taxes   (11,677)   (3,570)
           
Net (Loss) Income   (60,891)   4,525 
           
Other Comprehensive Income          
           
Foreign currency translation adjustments   (375)   (2,318)
           
Comprehensive (Loss) Income  $(61,266)  $2,207 
           
Net (Loss) Earnings Per Share – Basic and Diluted  $(0.00)  $0.00 
Weighted-average Common Shares Outstanding - Basic and Diluted   23,704,770    19,620,309 

 

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

 

F-5

 

UPAY, Inc.

Consolidated Statement of Stockholders’ Equity and Accumulated Other Comprehensive Loss

(Expressed in U.S. dollars)

 

               (Accumulated  Accumulated   
         Additional  Stock  Deficit)  Other   
   Common Stock  Paid In  Subscription  Retained  Comprehensive   
   Shares  Amount  Capital  Receivable  Earnings  Loss  Total
                      
Balance – February 28, 2015   18,050,000   $18,050   $6,133   $   $(16,207)  $(3,627)  $4,349 
                                    
Issuance of shares for cash   4,648,310    4,648    90,183    (2,745)           92,086 
                                    
Shares exchanged for all  outstanding shares of Rent Pay (Pty) Ltd   200,000    200    (24,267)       24,067         
                                    
Net income                   4,525        4,525 
                                    
Foreign currency translation adjustments                       (2,318)   (2,318)
                                    
Balance – February 29, 2016   22,898,310    22,898    72,049    (2,745)   12,385    (5,945)   98,642 
                                    
Issuance of shares for cash   587,000    587    58,113    2,745            61,445 
                                    
Shares issued for services   430,000    430    42,570                43,000 
                                    
Net loss                   (60,891)       (60,891)
                                    
Foreign currency translation adjustments                       (375)   (375)
                                    
Balance – February 28, 2017   23,915,310   $23,915   $172,732   $   $(48,506)  $(6,320)  $141,821 

 

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

 

F-6

 

UPAY, Inc.

Consolidated Statements of Cash Flows

(Expressed in U.S. dollars)

 

   Year
Ended
February 28,
2017
  Year
Ended
February 29,
2016
       
Cash Flows from Operating Activities          
           
Net (loss) income  $(60,891)  $4,525 
           
Adjustments to reconcile net (loss) income to net cash provided by operating activities:          
Depreciation   5,415    4,946 
Shares issued for services   43,000     
           
Changes in operating assets and liabilities:          
Accounts receivable   (57,669)   (32,000)
Accounts receivable – related party   5,693     
Prepaid expenses and other current assets   (1,133)   1,198 
Accounts payable   134,374    47,721 
Taxes payable       3,688 
Accrued expenses   (9,293)    
           
Net Cash Provided by Operating Activities   59,496    30,078 
           
Cash Flows from Investing Activities          
           
Cash acquired upon acquisition of Rent Pay (Pty) Ltd       5,000 
Purchase of fixed assets   (3,682)   (1,392)
           
Net Cash (Used in) Provided by Investing Activities   (3,682)   3,608 
           
Cash Flows from Financing Activities          
           
Payments to related parties       (930)
Principal payments on capital lease obligation       (3,270)
Proceeds from issuance of common stock   61,445    87,086 
           
Net Cash Provided by Financing Activities   61,445    82,886 
           
Effect of Exchange Rate Changes on Cash   (375)   (23,371)
           
Change in Cash and Cash Equivalents   116,884    93,201 
           
Cash and Cash Equivalents - Beginning of Year   146,090    52,889 
           
Cash and Cash Equivalents - End of Year  $262,974   $146,090 
           
Supplemental Disclosures of Cash Flow Information:          
           
Interest paid  $1,903   $2,139 
Income taxes paid  $11,677   $507 

 

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

 

F-7

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

1.Nature of Operations and Continuance of Business

 

UPAY, Inc. (the “Company”) was incorporated in the State of Nevada on July 8, 2015. By a Share Exchange Agreement dated November 4, 2015, the Company agreed to acquire all of the issued and outstanding shares of Rent Pay (Pty) Ltd (“Rent Pay”), in exchange for 200,000 shares of the Company’s common stock. The acquisition is a capital transaction in substance and therefore has been accounted for as a recapitalization. Rent Pay was incorporated in South Africa on February 1, 2012. Because Rent Pay is deemed to be the acquirer for accounting purposes, the consolidated financial statements are presented as a continuation of Rent Pay and include the results of operations of Rent Pay since incorporation on February 1, 2012, and the results of operations of the Company since the date of acquisition on November 4, 2015.

 

Rent Pay operates principally in South Africa and engages in software development and licensing and provides services to the credit provider industry.

 

2.Summary of Significant Accounting Policies

 

a)Basis of Presentation

 

These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company’s fiscal year end is February 28. The Financial statements include the accounts of the Company and its subsidiary Rent Pay. All significant intercompany transactions and accounts have been eliminated in consolidation.

 

b)Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

 

c)Cash and Cash Equivalents

 

Cash includes cash on hand and cash held with banks. The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.

 

d)Accounts Receivable

 

Trade accounts receivable are recorded at net invoice value and such receivables are non-interest bearing. Receivables are considered past due based on the contractual payment terms. Receivables are reviewed and specific amounts are reserved if collectability is no longer reasonably assured. The Company did not make any allowance for bad or doubtful debt as of February 28, 2017 or February 29, 2016 in as it is very rare for the company not to receive all its accounts receivable, as all payments are collected by debit order. 

 

e)Property and Equipment

 

Property and equipment are stated at cost, less accumulated depreciation and any impairment in value. Depreciation is computed using the straight-line method over the following estimated lives of the assets:

 

IT equipment       3 years
Motor vehicles       5 years
Office equipment       5 years
Furniture and fixtures       6 years

 

The Company periodically performs impairment testing on its long-lived assets either annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360. All long-lived assets were deemed recoverable at February 28, 2017, and February 29, 2016.

 

f)Leases

 

Leases are reviewed and classified as capital or operating at their inception. Capital leases are recognized as assets and liabilities in the balance sheet at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a capital lease obligation. Lease payments are apportioned between interest and reduction off the outstanding liability. The interest is allocated to each period during the lease terms so as to produce a constant periodic rate on the remaining balance of the liability.

 

F-8

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

g)Fair Value of Financial Instruments

 

The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy in accordance with ASC 820, “Fair Value Measurements and Disclosures”. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows:

 

Level 1 – quoted prices for identical instruments in active markets.

 

Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets.

 

Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

Financial instruments consist principally of cash and cash equivalents, accounts receivable, loans receivable from related parties, accounts payable, taxes payable, and capital lease obligations. There were no transfers into or out of “Level 3” during the years ended February 28, 2017 or February 29, 2016. The recorded values of the capital lease approximate the current fair value based on the terms and conditions that the Company could currently negotiate. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

 

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statement. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

 

h)Foreign Currency Translation

 

Management has adopted ASC 830, “Foreign Currency Translation Matters”, as the functional currency of the Company is the South African rand and the reporting currency is U.S. dollars. Assets and liabilities are translated into U.S. dollars at rates of exchange in effect at the balance sheet date. Average rates for the period are used to translate revenues and expenses. The cumulative translation adjustment is reported as a component of accumulated other comprehensive loss.

 

i)Revenue Recognition

 

The Company derives revenue through licensing its software and by collecting various transaction fees from third party debit orders.

 

The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured.

 

The company has several revenue streams and they are recognized as below:

 

Branch Setup Fees

 

This is a once off cost that the company charges when a customer is onboarded. The billing occurs in the same month that the debit order is collected. This results in no accounts receivable at the end of the month.

 

Data Migration Fees.

 

This only applies to a customer applying to migrate client data from a previous system to our system. We invoice for this service as soon as data is successfully transferred, imported and verified by our customer and when transactions begin to occur. Revenue is recognized upon invoicing and payment is collected within two days due to debit order mandates signed by the customer as part of the agreement. This results in no outstanding accounts receivable as of the end of each month.

 

Monthly Rental Fees

 

Our software is made available on a web based software platform and is offered as software as a service. Our agreement is an evergreen agreement (auto-renewed) and if not terminated by a customer, remains intact. Termination may occur by either party at any point with 30 days’ notice. The monthly software rental fee is payable every month per branch. Monthly rental fees are payable in advance, are invoiced prior to the end of the month and is also collected prior to the end of each month due to debit order mandate signed by the customer. We record this as deferred revenue and recognize the revenue during the month of service. These deferred revenues are held in the customer control account, which is included in the AP section of our financial statements.

 

F-9

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

Development Service Fee

 

We have some clients that we do custom software development for, on some versions of our software. Here we adopt a scrum methodology with 2-week development sprints. We agreed on a price per hour for development with these clients. We send an invoice for the work completed and usually get paid within the same month. On this revenue stream we do not run a debit order, but a client needs to pay invoices before we continue with the next development increment. Payments are due upon invoicing but at times it can take up to 30 days. Any unpaid invoices, if any are recorded to accounts receivable at the end of each month, but invoicing and payment usually happen within the same month.

 

Transactional Fees

 

We offer an integrated debit order facility built into our software. When our client (lenders) creates loans with consumers, the consumer contracts directly with us on a separate agreement. We then act as a third-party payment provider, to facilitate the repayment of loans from the consumer to the lender by debit order.

 

We are registered as a third-party payment provider and all payments collected on this stream are settled by the bank directly into our bank account. We only charge a fee on successful debit order collections and retain that fee when we distribute funds collected on behalf of consumers. The transaction fees charged for these transactions are called CTC and they are displayed on the signed agreement that the consumer signs with us. The CTC fees are paid by the consumer, in addition to the loan installment collected. The loan installment and CTC are collected as one amount, but the CTC is retained by us upon distribution of funds to lenders. Our software system counts and accounts for each individual transaction and its amount and this is generated on a report on our Acpas software. We use this report for revenue recognition in our billing system. Revenue is recorded as a lump sum based on this report at the end of each month. If there are any CTC that still needs to be recognized at an end of a period, it will be recorded as accounts receivable.

 

Credit Protection Insurance Commission

 

Some insurance companies offer insurance products on loans that cover the consumer for the full repayment of his debt to the lender, in case of unforeseen events. There is an insurance product from one of our suppliers (an insurance company) that we make available for the insurance company on our software program. In return for making this product available the insurance company would pay us monthly commission on premiums they received. This is a product offered by the insurance company directly to the consumer and we only make it available on our software platform. If this option is selected when a loan is created, an additional fee is added to the loan repayment amount. The software system calculates the insurance premiums and all premiums for a given month are paid by lenders to the insurance company, or lenders use our payment service and instruct us to manage the payments on their behalf.

 

After receiving the premiums and supporting reports, the insurance company will then calculate and verify the premiums paid and premium claw back to the point and work out the commission payable based on the premiums received. The insurance company will then pay all commissions earned by us and our clients. Commissions are not earned until collection of the premiums from the consumers and the remittance of the premiums to the insurance company and when the insurance company did their final calculations. We distribute the commission amounts due to our customers within two days of receiving such payments from the insurance company.

 

j)Stock-based Compensation

 

The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” and ASC 505, “Equity Based Payments to Non-Employees”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

 

F-10

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

k)Comprehensive Income (Loss)

 

ASC 220, “Comprehensive Income”, establishes standards for the reporting and display of comprehensive income (loss) and its components in the financial statements. As at February 28, 2017 and February 29, 2016, the only item that represents comprehensive income (loss) was foreign currency translation.

 

F-11

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

l)Earnings (Loss) Per Share

 

The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share on the face of the statement of operations. EPS is calculated using the weighted-average number of common shares outstanding during the period. Diluted EPS if applicable is calculated by dividing net income available to common stockholders for the period by the diluted weighted-average number of common shares outstanding during the period. Diluted EPS would reflect the potential dilution from common shares issuable through stock options, performance-based restricted stock units that have satisfied their performance factor and restricted stock units using the treasury stock method.

 

F-12

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

m)Income Taxes

 

In accordance with FASB ASC 740, “Income Taxes” (“ASC 740”), deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. The Company has recorded a valuation allowance against its deferred tax assets based on the history of losses incurred.

 

ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position would be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. As of February 28, 2017 and February 29, 2016, the Company does not have a liability for any unrecognized tax benefits.  

 

All tax periods from inception remain open to examination by taxing authorities due to the net operating losses. To date the Company’s acquired subsidiaries have not filed the required income tax returns.

 

n)Going Concern

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, 2017, the Company does not have revenues sufficient to execute its business plan. The Company intends to fund operations through equity financing arrangements. There is no assurance that this will be successful.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

o)Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

F-13

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

3.Acquisition of Rent Pay (Pty) Ltd

 

On November 4, 2015, the Company entered into a Share Exchange Agreement with Rent Pay, a private company that is incorporated and operates principally in South Africa. Pursuant to the Share Exchange Agreement, the Company acquired 100% of the issued and outstanding common stock of Rent Pay in exchange for 200,000 common shares.

 

Prior to the completion of the Share Exchange Agreement, the operations of the Company were insignificant and consisted only of the issuance of common stock (18,050,000 shares to founders for services valued at $24,067 and 3,750,000 shares for cash of $5,000). As a result, the acquisition was accounted for as a reverse acquisition with Rent Pay deemed the accounting acquirer and the Company deemed the accounting acquiree. The reverse acquisition was a capital transaction in substance and therefore has been accounted for as a recapitalization, wherein the consolidated financial statements represent the continuation of the financial statements of Rent Pay (the accounting acquirer/legal subsidiary) except for its capital structure. Assets acquired and liabilities assumed are reported at their historical amounts. These consolidated financial statements include the accounts of the Company since the effective date of the recapitalization and the historical accounts of Rent Pay since inception.

 

The assets acquired and liabilities assumed from UPAY, Inc. are as follows:

 

Cash   $5,000 
       
Total    $5,000 

 

4.Loans Receivable from Related Parties

 

a)

As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $4,807) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.

 

b)As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $393) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.

 

c)As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $493) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.

 

5.Property and Equipment, Net

 

Property and equipment, net, consists of the following:

 

   Cost   Accumulated
Depreciation
  

February 28,
2017
Net Carrying Value 

  

February 29,
2016
Net Carrying Value

 
                 
IT equipment  $3,936   $(1,212)  $2,724   $326 
Motor vehicle   21,165    (17,837)   3,328    6,128 
Furniture and fixtures   2,755    (1,744)   1,011    1,192 
Office equipment   2,441    (577)   1,864    1,363 
                     
Total  $30,297   $(21,370)  $8,927   $9,009 

 

During the year ended February 28, 2017, the Company recorded depreciation expense of $5,415 (February 29, 2016 - $4,946).

 

6.Common Stock

 

On October 1, 2015, the Company issued 18,050,000 shares of common stock to its founders at $.0013 per share pursuant to the recapitalization discussed in Note 3. These shares have been considered outstanding for all periods presented in these financial statements.

 

During November 2015, the Company issued 3,750,000 shares of common stock for cash at $.0013 per share for proceeds of $5,000.

 

During November 2015 the Company issued 200,000 shares of common stock valued at $0.10 per share pursuant to a share exchange agreement (See Note 3).

 

During the period from November 2015 through February 2016 the Company issued 870,860 shares of common stock pursuant to a private placement at $0.10 per share for proceeds of $87,086 and 27,450 shares of common stock for a stock subscription receivable of $2,745.

 

F-14

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

On April 26, 2016, the Company issued 30,000 shares of common stock with a fair value of $3,000 pursuant to a website service agreement that the Company entered into on January 1, 2016.

 

On June 15, 2016, the Company issued 300,000 restricted shares of common stock with a fair value of $30,000, pursuant to a Consulting Agreement entered into on June 3, 2016, for two years of business advisory services commencing on the date of issuance (see Note 7).

 

On January 10, 2017, the Company issued 100,000 shares of common stock with a fair value of $10,000 pursuant to a consultancy agreement which stipulated that the shares would only be issued if the Company’s registration statement on Form S-1 was declared effective by the Securities and Exchange Commission.

 

During the period from March 2016 through February 2017 the Company issued 575,000 shares of common stock pursuant to a private placement at $0.10 per share for proceeds of $57,500. In addition, 12,000 shares of common stock were issued which were subscribed for and paid for at February 29, 2016.

 

7.Commitments

 

On November 11, 2015, the Company entered into a lease agreement for renting office space in South Africa. The term of the lease is for two years commencing March 1, 2016. The monthly base rate is $685 (R8,918) in the first year and increases to $754 (R9,809) in the second year of the lease. Lease expense for the year ended February 28, 2017 was $7,300 (February 29, 2016 - $7,395).

 

On April 18, 2016, the Company entered into a lease agreement for renting office space in Dallas, Texas. The term of the lease is for one year commencing May 1, 2016, and the monthly base rate is $715. Lease expense for the year ended February 28, 2017 was $11,178 (February 29, 2016 - $0). 

 

F-15

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

As of February 28, 2017, the future lease commitments are:

 

Year  

Operating Lease
Commitments 

 
      
2018   $12,745 

 

On June 1, 2015 the Company entered into Consultancy Agreements with two consultants whereby the consultants will assist the Company with the filing of the S-1 Registration Statement of the Company. In consideration for these services the Company will issue to each consultant 10,000 cashless warrants within ten days of the Company receiving an effectiveness notice of the S-1 filing from the Securities and Exchange Commission. The warrants have an exercise price of $5.00 and are exercisable for a two-year period following their issuance. As of February 28, 2017, the warrants have not been issued.

 

On January 18, 2016, the Company entered into a Software Services Agreement whereby a company will provide services to develop software in consideration for 1,800,000 restricted shares of common stock to be issued within ten days of the completion of the software development. As of February 28, 2017, the services and software have not been completed.

 

On June 3, 2016, the Company entered into a Consultancy Agreement for business advisory services in consideration for 300,000 restricted shares of common stock and 2,000,000 cashless warrants that have an exercise price of $3.50 and an exercise period of two years following the effectiveness notice of the S-1 filing from the Securities and Exchange Commission. As of February 28, 2017, the stocks and warrants have not been issued.

 

There is currently no ongoing litigation or legal challenges against the Company.

 

8.Concentrations

 

The Company’s revenues were concentrated among two customers for the year ended February 28, 2017 and three customers for the year ended February 29, 2016:

 

Customer  

February 28, 

2017 

 
      
1    37%
2    29%

 

Customer  

February 29,
2016

 
      
2    33%
3    21%
1    14%

 

The Company’s receivables were concentrated among two customers as at February 28, 2017, and three customers as at February 29, 2016:

 

Customer  

February 28,
2017

 
      
1    53%
2    16%
       
Customer  

February 29,
2016

 
      
1    24%
3    21%
2    10%

 

F-16

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

9.Income Taxes

 

The potential benefit of net operating losses for the Company have not been recognized in the financial statements because the Company cannot be assured that it is more likely than not that it will utilize the net operating losses carried forward in future years. The Company did not incur any income tax expense to the Internal Revenue Services for the years ended February 28, 2017, or 2016. However, Rent Pay did have income tax expense of $11,677 to the South African Revenue Services for the year ended February 28, 2017 (2016 – $3,570). Given the short history of the Company and the uncertainty as to the likelihood of future taxable income, the Company has recorded a 100% valuation reserve against the anticipated recovery from the use of the net operating losses. The Company will evaluate the appropriateness of the valuation allowance on an annual basis and adjust the allowance as considered necessary. The Company’s US net operating loss is approximately $113,000 at February 28, 2017, which starts to expire in 2036.

 

F-17

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

The table below reconciles the US federal income tax rate to the effective rate for the years ended February 28, 2017 and February 29, 2016.

 

2017

 

Income Tax at Statutory Rate   (34)%
Effect of Operating Losses   34%
Foreign Income Tax   18%
    18%

2016

 

Income Tax at Statutory Rate   (34)%
Effect of Operating Losses   34%
Foreign Income Tax   (44)%
    (44)%

 

F-18

 

UPAY, Inc.

Notes to the Consolidated Financial Statements 

(Expressed in U.S. dollars)

 

10.

Subsequent Events

 

On April 16, 2018, pursuant to an Asset Purchase Agreement, the Company acquired software named “Theme Studio” from Twin Harbor Web Solutions in exchange for 2 000 000 common stock shares of the Company.

 

The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of February 28, 2017, have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

 

F-19

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Our management, with the participation of our principal executive and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) as of the end of the period covered by this report. Based on that evaluation, our principal executive and principal financial officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were ineffective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

Internal Control over Financial Reporting

 

Management’s Annual Report on Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) for the Company. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Because of its inherent limitations, internal control over financial reporting may not prevent nor detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

 

Management has assessed the effectiveness of our internal control over financial reporting as of February 28, 2017. In making its assessment of internal control over financial reporting, management used the criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. This assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of those controls. Based on the results of this assessment, management has concluded that our internal controls over financial reporting were ineffective as of February 28, 2017. A material weakness is a deficiency, or combination of deficiencies, in internal controls over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The company has no formal control process related to the identification of related party transactions at this point in time.

 

Management’s assessment was not subject to attestation by the Company’s independent registered public accounting firm and as such, no attestation was performed pursuant to SEC Final Rule Release Nos. 33-8934; 34-58028 that permit the Company to provide only management’s assessment report for the years ended February 28, 2017 and 2016. Due to a control failure with respect to the financial closing process, our independent auditors identified multiple adjusting journal entries as part of their current year audit procedures. The financial closing process will be improved going forward to address any weaknesses.

 

Changes in Internal Control over Financial Reporting

 

There has been no change in our internal control over financial reporting that occurred in our fiscal year ended February 28, 2017 that has materially adversely affected, or is reasonably likely to materially adversely affect, our internal control over financial reporting.

 

ITEM 9B. OTHER INFORMATION

 

None.

 

22 

 

 

PART III

 

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

All board of Directors and Committee Members were in attendance for all required meetings pursuant to our compliance calendar.

 

Directors and Executive Officers, Promoters and Control Persons

 

All directors of our directors and officers hold office until the next annual meeting of our shareholders and until such director’s successor is elected and has been qualified, or until such director’s earlier death, resignation or removal. The following table sets forth the names, positions and ages of our executive officers and directors. Our board of directors elect officers and their terms of office are at the discretion of our board of directors.

 

Name:

 

Name: Age Position
Wouter Fouche 40 CEO/VP/Director
Jacob Fölscher 39 President/CFO/CAO/Director

 

Background of Officers and Directors

 

Wouter Fouche

 

Wouter Fouche has been our Vice President and Director since July 8, 2015 and our Chief Executive Officer since March 1, 2016. From Rent Pay’s inception in July 2008, he served as Rent Pay’s head of research and development and Director and continues to serve in that capacity. From 2006 to 2008, Wouter Fouche operated Loantech, a company owned and operated by him in South Africa that developed and sold credit software. At Loantech, Wouter Fouche developed the credit provider software system that was integrated into Rent Pay in 2009 when he became a Director and co-owner of Rent Pay. From September 2004 to June 2006, Wouter Fouche was a Software Engineer for Onesys (Pty) Ltd. (“Onesys”), a credit provider, located in South Africa. In this capacity, he developed Onesys’ fully automated and integrated payment systems.

 

Jacob C. Fölscher

 

Jacob C Fölscher has been our Chief Operating Officer/Director since January 25, 2015 and our Chief Financial Officer/Chief Accounting Officer since June 10, 2016. Since July 2008 to he has been the cofounder and Operational director of Rent Pay (Pty) Ltd, a credit related Software Company operating in South Africa. He was also the founder of Isidingo Financial Services (“Isidingo”) in March 2009. Isidingo is a micro lending company operating in Pretoria South Africa and still in operation today. From March 2006 to February 2009, Jacob Fölscher was the Regional Manager/Operations Manager of Credicor Financial Services, a micro lending firm operating in South Africa. From January 2004 to February 2006, he was the Group Accounting Officer for that same company and from January 2000 to December 2003, he was the NCR compliance officer and Branch Manager, also for Credicor.

 

The following is a brief account of the education and business experience during at least the past five years of our directors and executive officers, indicating their principal occupations during that period, and the name and principal business of the organizations in which such occupation and employment were carried out.

 

Family Relationships

 

There are no familial relationships between 

 

23 

 

 

Litigation

 

None

 

Section 16(a) Beneficial Ownership Compliance

 

Section 16(a) of the Securities Exchange Act requires our executive officers and directors, and persons who own more than 10% of our common stock, to file reports regarding ownership of, and transactions in, our securities with the Securities and Exchange Commission and to provide us with copies of those filings. Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during fiscal year ended February 28, 2017, all filing requirements applicable to our officers, directors and greater than 10% percent beneficial owners were complied with.

 

Code of Ethics

 

We adopted a Code of Business Conduct and Ethics that applies to, among other persons, our company’s president (being our principal executive officer, principal financial officer and principal accounting officer), as well as persons performing similar functions. As adopted, our Code of Business Conduct and Ethics sets forth written standards that are designed to deter wrongdoing and to promote;

 

  1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

  2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the Securities and Exchange Commission and in other public communications made by us;

 

  3. Compliance with applicable governmental laws, rules and regulations;

 

  4. The prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person or persons identified in the Code of Business Conduct and Ethics; and

 

  5. Accountability for adherence to the Code of Business Conduct and Ethics

 

Our Code of Business Conduct and Ethics requires, among other things, that all of our personnel shall be accorded full access to our president with respect to any matter which may arise relating to the Code of Business Conduct and Ethics. Further, all of our company’s personnel are to be accorded full access to our board of directors if any such matter involves an alleged breach of the Code of Business Conduct and Ethics by our president.

 

24 

 

 

In addition, our Code of Business Conduct and Ethics emphasizes that all employees, and particularly managers and/or supervisors, have a responsibility for maintaining financial integrity within our company, consistent with generally accepted accounting principles, and federal, provincial and state securities laws. Any employee who becomes aware of any incidents involving financial or accounting manipulation or other irregularities, whether by witnessing the incident or being told of it, must report it to his or her immediate supervisor or to our company’s president. If the incident involves an alleged breach of the Code of Business Conduct and Ethics by the president, the incident must be reported to any member of our board of directors. Any failure to report such inappropriate or irregular conduct of others is to be treated as a severe disciplinary matter. It is against our policy to retaliate against any individual who reports in good faith the violation or potential violation of our company’s Code of Business Conduct and Ethics.

 

Our Code of Business Conduct and Ethics was filed as an exhibit with our Registration Statement on Form S-1 filed with the Securities and Exchange Commission on July 31, 2009. We will provide a copy of the Code of Business Conduct and Ethics to any person without charge, upon request. Requests can be sent to the Company address listed above.

 

Nomination Process

 

As of February 28, 2017, we did not affect any material changes to the procedures by which shareholders may recommend nominees to the board of directors and there were no subsequent events and directors have remained the same. We do not have any defined policy or procedure requirements for shareholders to submit recommendations or nominations for directors. The board of directors believes that, given the current stage of our development, a specific nominating policy would be premature and of little assistance until our operations develop to a more advanced level. We do not currently have any specific or minimum criteria for the election of nominees to the board of directors and there is no specific process or procedure for evaluating such nominees. The board of directors assesses all candidates, whether submitted by management or shareholders, and makes recommendations for election or appointment.

 

A shareholder who wishes to communicate with the board of directors may do so by directing a written request addressed to our Chief Executive Officer or the Chief Financial Officer at the address appearing on the face page of this report.

 

Committees of the Board

 

All proceedings of the board of directors were conducted by resolutions consented to in writing by all the directors and filed with the minutes of the proceedings of the directors. Such resolutions consented to in writing by the directors entitled to vote on that resolution at a meeting of the directors are, according to the Nevada Business Corporation Act and our Bylaws as valid and effective as if they had been passed at a meeting of the directors duly called and held.

 

25 

 

 

ITEM 11. EXECUTIVE COMPENSATION

 

EXECUTIVE COMPENSATION

 

Name and

Principal Position

 

Year

    Salary 
($’s)
   

Bonus

($’s)

   

Stock Awards

($)

   

Option Awards

($’s)

    All other
Compensation
   

Total

 
Wouter Fouche     2016       28,556                                       28,556  
CEO     2017       42,517                                       42,517  
                                                         
Jacob Fölscher     2016       24,740                                       24,740  
COO/CFO     2017       43,717                                       43,717  

 

BOARD OF DIRECTOR COMPENSATION

 

We have not compensated our Directors with any director compensation since our inception.

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 

The following table sets forth certain information as of February 28, 2017 with respect to the beneficial ownership of our Common Stock by: (i) all persons known by the Company to be beneficial owners of more than 5% of our Common Stock, (ii) each director and Named Executive Officer, and (iii) by all executive officers and directors as a group.

 

Name        
Beneficial Owners over 5%          
Emerging Markets Consulting, LLC (3)   1,875,000    7.8 
Rainmaker Group Consulting, LLC (4)   1,875,000    7.8 
Total   3,750,000    15.7 
           
Executive Officers/Directors (2)          
Wouter A. Fouche (6)   9,165,000    38.3 
Jacob C Fölscher (7)   9,175,000    38.4 
Total – All officers   18,340,000    76.7 
Total – All over 5% shareholders and officers   22,090,000    92.4 

 

We presently have 23,915,310 common shares outstanding. Of these shares, 5 575310_common shares are held by non-affiliates and 18,340,000 common shares are held by affiliates, which Securities Act of 1933 Rule 144 defines as restricted securities.

 

1. Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares.  Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares).  In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided.  

 

26 

 

 

2. Based on 23,915,310 issued and outstanding shares of common stock.

 

3. The principal of Emerging Markets Consulting, LLC is James S Painter III who has sole dispositive and voting power over the shares. The business address of Emerging Markets Consulting, LLC is 15701 State Road 50 Suite 205, Clermont, Florida 34711. Emerging Markets Consulting, LLC is a beneficial owner and a related party.

 

4. The principal of Rainmaker Group Consulting, LLC is James Cohen Jr. who has sole dispositive and voting power over the shares. The business address of Rainmaker Group Consulting, LLC is 5036 Dr. Phillips Blvd., Suite 322, Orlando, FL 32819. Rainmaker Group Consulting, LLC is a beneficial owner and a related party.

 

5. The address for Chief Executive Officer Wouter A. Fouche is 3010 LBJ Freeway, 12th floor, Dallas, Texas 75234. The address for Chief Financial Officer Jacob C. Fölscher is no 6 Uitzicht Office Park, 2 Bellingham Street, Centurion 0157, South Africa.

 

6. Wouter Fouche’s ownership is composed of: (a) 9,025,000 shares he individually owns; (b) 100,000 shares in the name of LoanTech Trust, a trust he controls; and (c) 40,000 shares owned by his wife, Desiree Fouche.

 

7. Jacob C. Fölscher’s ownership is composed of: (a) 9,025,000 shares he individually owns; (b) 100,000 shares in the name of Fölscher Family Trust, a trust he controls through which he has dispositive and voting power; and (c) 50,000 shares owned by his wife, Kim Elizabeth Fölscher.

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 

Stock Issuances to our Founders

 

On October 1, 2015, we issued 9,025,000 shares to our co-founder, Wouter A. Fouche, at an aggregate value of $12,033.

 

On October 1, 2015, we issued 9,025,000 shares to our co-founder, Jacob C Fölscher, at an aggregate value of $12,033.

 

On November 5, 2015, pursuant to the Share Exchange with Rent Pay, we issued 100,000 common stock shares to LoanTech Trust, a trust controlled by our officer, Wouter Fouche, at an aggregate value of $10,000.

 

On November 5, 2015, pursuant to the Share Exchange with Rent Pay, we issued 100,000 common stock shares to Fölscher Family Trust, a trust controlled by our officer, Jacob C Fölscher, at an aggregate value of $10,000.

 

On April 20, 2016, we issued 50,000 shares to Kim Elizabeth Fölscher, Jacob Fölscher’s wife, at an aggregate value of $5,000.

 

On December 12, 2015, we issued 40,000 shares to Desiree Fouche, Wouter Fouche’s wife. at an aggregate value of $4,000.

 

Verbal Agreements with our Founders

 

27 

 

 

Verbal Agreement with Wouter Fouche

 

We have a February 2014 verbal agreement with our Chief Executive Officer, Wouter Fouche, to pay him a monthly salary of $6,000 for our fiscal years 2015 and 2016 based upon available funds. This monthly salary will increase to $9,000 when funds are available. Additionally, we verbally agreed to pay Wouter Fouche a $10,000 relocation expense for relocating to the US. This monthly salary and $10,000 relocation expense are the sole terms of this verbal agreement.

 

Verbal Agreement with Jacob C Fölscher

 

We have a February 2014 verbal agreement with our Chief Financial Officer, Jacob C. Fölscher, to pay him a monthly salary of $6,000 for our fiscal years 2015 and 2016 based upon available funds. This monthly salary will increase to $9,000 when funds are available. Additionally, we verbally agreed to pay Jacob C. Fölscher a $10,000 relocation expense for relocating to the US. The $9,000 monthly salary and $10,000 relocation expense are the sole terms of this verbal agreement.

 

Consulting Agreement

 

We have a June 3, 2016 consulting agreement with Ferdinand Labuschagne to perform business advisory services in return for 300,000 restricted common stock shares for an aggregate value of $30,000 and two million cashless warrants, the details of which are contained in our Material Agreements Section beginning at page 39. Ferdinand Labuschagne is Wouter A. Fouche’s brother-in-law.

 

Related Parties

 

Emerging Markets Consulting, LLC

 

Emerging Markets Consulting, LLC (“Emerging Markets”) individually owns more than 5% of our common stock. On October 26, 2015, we sold 1,875,000 common stock shares to Emerging Markets at $0.0013 per share for an aggregate purchase price of $2,500. Additionally, we have an Independent Consulting Agreement effective as of June 1, 2015 with Emerging Markets whereby Emerging Markets provides us with the following services: (a) consult with and assist us in capitalization table and share structure; (b) assisting with review of the S-1 Registration Statement; (c) coordinate with professionals involved in the S-1 Registration Process, including our Chief Executive Officer, securities attorney and auditor, for the purpose of efficiently coordinating the S-1 Registration Process; (d) referral of a broker-dealer to file a 15c2-11 with FINRA and consult with and assist us in the filing of a 15c2-11 with FINRA; and (e) referral of a company to file a DTC application with the Depository Trust Company and consult with and assist us in the filing of a DTC application with the Depository Trust Company. We are required to pay Emerging Markets 10,000 cashless warrants to be issued within 10 days of receiving an effectiveness notice from the SEC regarding the S-1 filing. The warrants have an exercise price of $5.00 and are exercisable for a two-year period following their issuance. Our sale of 1,875,000 common shares to Emerging Markets and the Independent Consulting Agreement with Emerging Markets are related party transactions and Emerging Markets is a related party.

 

Rainmaker Group Consulting, LLC

 

Rainmaker Group Consulting, LLC (“Rainmaker”) individually owns more than 5% of our common stock. On October 26, 2015, we sold 1,875,000 common stock shares to Rainmaker at $0.0013 per share for an aggregate purchase price of $2,500. Additionally, we have an Independent Consulting Agreement effective as of June 1, 2016 with Rainmaker whereby Rainmaker provides us with the following services: (a) referrals from the Consultant to us, regarding PCAOB auditors, accounting professionals experienced in GAAP accounting, Edgar services, transfer agents, securities attorney and other professionals as requested by the Company; (b) assisting with review of an S-1 Registration Statement; (c) coordinate with professionals involved in the S-1 Registration Process, including our Chief Executive Officer, securities attorney and auditor, for the purpose of efficiently coordinating the S-1 Registration Process; and (d) consult with and assist us in developing the Company’s business plan, strategy and personnel. We are required to pay Rainmaker 10,000 cashless warrants to be issued within 10 days of receiving an effectiveness notice from the SEC regarding the S-1 filing. The warrants have an exercise price of $5.00 and are exercisable for a two-year period following their issuance. Our sale of 1,875,000 common shares to Rainmaker and the Independent Consulting Agreement with Rainmaker are related party transactions and Rainmaker is a related party.

 

28 

 

 

Apart from the above transaction, none of our Officers or Directors has any direct or indirect material interest in any transaction to which we are a party during the past two years, or in any proposed transaction to which we are proposed to be a party.

 

Given our small size, we have not adopted formal policies and procedures for the review, approval or ratification of related party transactions with our executive officer(s), Director(s) and significant stockholders. We intend to establish formal policies and procedures in the future so that such transactions will be subject to the review, approval or ratification of our Board of Directors, or an appropriate committee thereof. On a moving forward basis, our Directors will continue to approve or disapprove any related party transaction.

 

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

 

Audit Fees

 

Audit fees and related accounting fees for the year amounted to $55,500.

 

All Other Fees

 

None

 

29 

 

 

PART IV

 

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

  

23 Consent of M&K CPAS, PLLC
   
31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
   
31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
   
32.1* Section 1350 Certification of Chief Executive Officer.
   
32.2* Section 1350 Certification of Chief Financial Officer.
   
101.INS XBRL Instance Document
   
101.XSD XBRL Taxonomy Extension Schema Document
   
101.CAL XBRL Taxonomy Calculation Linkbase Document
   
101.DEF XBRL Taxonomy Definition Linkbase Document
   
101.LAB XBRL Taxonomy Label Linkbase Document
   
101.PRE XBRL Taxonomy Presentation Linkbase Document

   

Filed herewith

 

30 

 

 

Signatures

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

UPAY,  Inc.  
     
By: /s/ Wouter Fouche   
  Wouter Fouche  
 

Chief Executive Office

Principle Executive Officer

 
     
By: /s/ Jacob C. Folscher  
 

Jacob C. Fölscher

Chief Financial Officer/Chief Accounting Officer

Principle Financial Officer

 

 

Dated: July 18, 2018

 

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

 

By: /s/ Wouter Fouche   
  Wouter Fouche  
 

Chief Executive Office

Principle Executive Officer

 
     
By: /s/ Jacob C. Folscher  
 

Jacob C. Fölscher

Chief Financial Officer/Chief Accounting Officer

Principle Financial Officer

 

 

Dated: July 18, 2018

 

31 

 

EX-23 2 e1100_consent.htm CONSENT

Exhibit 23.1 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference of our report dated July 17, 2018 relating to our audit of the consolidated financial statements of UPAY, Inc. that appear in this Annual Report on Form 10-K for the fiscal year ended February 28, 2017.

 

/s/ M&K CPAS, PLLC

 

www.mkacpas.com

Houston, Texas

July 17, 2018

 

 

EX-31.1 3 e1100_ex31-1.htm SECTION 302 CERTIFICATION

Exhibit 31.1

 

SECTION 302 CERTIFICATION

OF PRINCIPAL EXECUTIVE OFFICER OF UPAY, INC.

 

I, Wouter A. Fouche, certify that:

 

1.I have reviewed this report on Form 10-K of UPAY, 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 presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-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 financial 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.

 

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 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 involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: July 18, 2018

 

/s/ Wouter A. Fouche  
Wouter A. Fouche  
(Principal Executive Officer & Chief Executive Officer)  

 

32 

 

EX-31.2 4 e1100_ex31-2.htm SECTION 302 CERTIFICATION

 

Exhibit 31.2 

 

SECTION 302 CERTIFICATION

OF PRINCIPAL FINANCIAL OFFICER/PRINCIPAL ACCOUNTING OFFICER OF UPAY, INC.

 

I, Jacob C. Fölscher certify that:

 

1.I have reviewed this report on Form 10-K of UPAY, 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 presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-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 financial 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.

 

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 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 involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: July 18, 2018

 

 /s/ Jacob C. Fölscher  
Jacob C. Fölscher  
   
Chief Financial Officer  
(Chief Financial Officer/Chief Accounting Officer)  

  

33 

 

EX-32.1 5 e1100_ex32-1.htm PRINCIPAL EXECUTIVE OFFICER

 

Exhibit 32.1

 

PRINCIPAL EXECUTIVE OFFICER 

OF UPAY, INC.

 

In connection with the accompanying Annual Report on Form 10-K of UPAY, Inc. for the year ended 28 February 2017, the undersigned, Wouter A. Fouche, Principal Executive Officer/Chief Executive Officer of UPAY, Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)            such Annual Report on Form 10-K for the year ended 28 February 2017 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)            the information contained in such Annual Report on Form 10-K for the year ended February 28, 2017 fairly presents, in all material respects, the financial condition and results of operations of UPAY, Inc.

 

Date: July 18, 2018

 

/s/ Wouter A. Fouche  
Wouter A. Fouche  
(Principal Executive Officer & Chief Executive Officer)  

 

34 

 

EX-32.2 6 e1100_ex32-2.htm SECTION 906 CERTIFICATION OF

 

Exhibit 32.2

 

SECTION 906 CERTIFICATION OF 

PRINCIPAL FINANCIAL OFFICER/PRINCIPAL ACCOUNTING OFFICER 

OF UPAY, INC.

 

In connection with the accompanying Annual Report on Form 10-K of UPAY, Inc. for the year ended February 28, 2017, the undersigned, Jacob C. Fölscher, Chief Financial Officer/Principal Accounting Officer of UPAY, Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)            such Annual Report on Form 10-K for the year ended February 28, 2017 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)            the information contained in such Annual Report on Form 10-K for the year ended February 28, 2017 fairly presents, in all material respects, the financial condition and results of operations of UPAY, Inc.

 

Date: July 18, 2018

  

 /s/ Jacob C. Fölscher  
Jacob C. Fölscher  
   
Chief Financial Officer  
(Chief Financial Officer/Chief Accounting Officer)  

 

35 

 

EX-101.INS 7 cik1677897-20170228.xml XBRL INSTANCE FILE 0001677897 2016-03-01 2017-02-28 0001677897 2017-02-28 0001677897 2016-02-29 0001677897 2015-02-28 0001677897 2015-03-01 2016-02-29 0001677897 us-gaap:CommonStockMember 2015-03-01 2016-02-29 0001677897 us-gaap:CommonStockMember 2016-03-01 2017-02-28 0001677897 us-gaap:CommonStockMember 2015-02-28 0001677897 us-gaap:CommonStockMember 2016-02-29 0001677897 us-gaap:CommonStockMember 2017-02-28 0001677897 us-gaap:AdditionalPaidInCapitalMember 2015-03-01 2016-02-29 0001677897 us-gaap:AdditionalPaidInCapitalMember 2016-03-01 2017-02-28 0001677897 us-gaap:AdditionalPaidInCapitalMember 2015-02-28 0001677897 us-gaap:AdditionalPaidInCapitalMember 2016-02-29 0001677897 us-gaap:AdditionalPaidInCapitalMember 2017-02-28 0001677897 cik1677897:StockSubscriptionReceivableMember 2015-03-01 2016-02-29 0001677897 cik1677897:StockSubscriptionReceivableMember 2016-03-01 2017-02-28 0001677897 cik1677897:StockSubscriptionReceivableMember 2016-02-29 0001677897 us-gaap:RetainedEarningsMember 2015-03-01 2016-02-29 0001677897 us-gaap:RetainedEarningsMember 2016-03-01 2017-02-28 0001677897 us-gaap:RetainedEarningsMember 2015-02-28 0001677897 us-gaap:RetainedEarningsMember 2016-02-29 0001677897 us-gaap:RetainedEarningsMember 2017-02-28 0001677897 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-03-01 2016-02-29 0001677897 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-03-01 2017-02-28 0001677897 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-02-28 0001677897 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-02-29 0001677897 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-02-28 0001677897 cik1677897:ShareExchangeAgreementMember cik1677897:RentPayPtyLtdMember 2015-11-02 2015-11-04 0001677897 us-gaap:TechnologyEquipmentMember 2016-03-01 2017-02-28 0001677897 us-gaap:VehiclesMember 2016-03-01 2017-02-28 0001677897 us-gaap:OfficeEquipmentMember 2016-03-01 2017-02-28 0001677897 us-gaap:FurnitureAndFixturesMember 2016-03-01 2017-02-28 0001677897 cik1677897:ShareExchangeAgreementMember cik1677897:RentPayPtyLtdMember 2015-11-04 0001677897 cik1677897:RelatedPartyOneMember 2017-02-28 0001677897 cik1677897:RelatedPartyTwoMember 2017-02-28 0001677897 cik1677897:RelatedPartyThreeMember 2017-02-28 0001677897 cik1677897:RelatedPartyOneMember 2016-02-29 0001677897 cik1677897:RelatedPartyTwoMember 2016-02-29 0001677897 cik1677897:RelatedPartyThreeMember 2016-02-29 0001677897 us-gaap:TechnologyEquipmentMember 2017-02-28 0001677897 us-gaap:VehiclesMember 2017-02-28 0001677897 us-gaap:FurnitureAndFixturesMember 2017-02-28 0001677897 us-gaap:OfficeEquipmentMember 2017-02-28 0001677897 us-gaap:OfficeEquipmentMember 2016-02-29 0001677897 us-gaap:TechnologyEquipmentMember 2016-02-29 0001677897 us-gaap:VehiclesMember 2016-02-29 0001677897 us-gaap:FurnitureAndFixturesMember 2016-02-29 0001677897 country:ZA 2015-11-01 2015-11-11 0001677897 2015-11-01 2015-11-11 0001677897 cik1677897:FirstYearMember country:ZA 2016-03-01 2017-02-28 0001677897 cik1677897:SecondYearMember country:ZA 2016-03-01 2017-02-28 0001677897 country:ZA 2016-03-01 2017-02-28 0001677897 country:ZA 2015-03-01 2016-02-29 0001677897 2016-04-01 2016-04-18 0001677897 cik1677897:DallasTexasMember 2016-03-01 2017-02-28 0001677897 cik1677897:DallasTexasMember 2015-03-01 2016-02-29 0001677897 2015-06-01 0001677897 2015-05-16 2015-06-01 0001677897 2016-01-01 2016-01-18 0001677897 us-gaap:RestrictedStockMember 2016-01-01 2016-01-18 0001677897 2016-06-03 0001677897 us-gaap:RestrictedStockMember 2016-06-01 2016-06-03 0001677897 2016-06-01 2016-06-03 0001677897 us-gaap:SalesRevenueNetMember cik1677897:CustomerOneMember 2016-03-01 2017-02-28 0001677897 us-gaap:SalesRevenueNetMember cik1677897:CustomerTwoMember 2016-03-01 2017-02-28 0001677897 us-gaap:SalesRevenueNetMember cik1677897:CustomerOneMember 2015-03-01 2016-02-29 0001677897 us-gaap:SalesRevenueNetMember cik1677897:CustomerTwoMember 2015-03-01 2016-02-29 0001677897 us-gaap:SalesRevenueNetMember cik1677897:CustomerThreeMember 2015-03-01 2016-02-29 0001677897 us-gaap:AccountsReceivableMember cik1677897:CustomerOneMember 2016-03-01 2017-02-28 0001677897 us-gaap:AccountsReceivableMember cik1677897:CustomerTwoMember 2016-03-01 2017-02-28 0001677897 us-gaap:AccountsReceivableMember cik1677897:CustomerOneMember 2015-03-01 2016-02-29 0001677897 us-gaap:AccountsReceivableMember cik1677897:CustomerTwoMember 2015-03-01 2016-02-29 0001677897 us-gaap:AccountsReceivableMember cik1677897:CustomerThreeMember 2015-03-01 2016-02-29 0001677897 cik1677897:RentPayPtyLtdMember 2015-11-02 2015-11-03 0001677897 us-gaap:CommonStockMember cik1677897:WebsiteServiceAgreementMember 2016-04-01 2016-04-26 0001677897 cik1677897:ConsultingAgreementMember us-gaap:RestrictedStockMember 2016-05-17 2016-06-15 0001677897 us-gaap:PrivatePlacementMember 2016-03-01 2017-02-28 0001677897 us-gaap:PrivatePlacementMember 2017-02-28 0001677897 us-gaap:CommonStockMember cik1677897:FounderMember 2015-09-30 2015-10-01 0001677897 us-gaap:CommonStockMember cik1677897:FounderMember 2015-10-01 0001677897 us-gaap:CommonStockMember 2015-11-01 2015-11-30 0001677897 us-gaap:CommonStockMember 2015-11-30 0001677897 us-gaap:CommonStockMember cik1677897:ShareExchangeAgreementMember 2015-11-01 2015-11-30 0001677897 us-gaap:CommonStockMember cik1677897:ShareExchangeAgreementMember 2015-11-30 0001677897 us-gaap:PrivatePlacementMember 2015-11-01 2016-02-29 0001677897 us-gaap:PrivatePlacementMember 2016-02-29 0001677897 us-gaap:CommonStockMember cik1677897:ConsultancyAgreementMember 2017-01-09 2017-01-10 0001677897 cik1677897:FirstYearMember 2016-03-01 2017-02-28 0001677897 cik1677897:SecondYearMember 2016-03-01 2017-02-28 0001677897 us-gaap:SubsequentEventMember cik1677897:AssetPurchaseAgreementMember cik1677897:ThemeStudioMember cik1677897:TwinHarborWebSolutionsMember 2018-04-15 2018-04-16 0001677897 2018-07-17 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure iso4217:ZAR UPAY 0001677897 10-K 2017-02-28 false --02-28 No No Yes Smaller Reporting Company 0 25915310 FY 2017 363874 193963 141821 98642 4349 18050 22898 23915 6133 72049 172732 -2745 -16207 12385 -48506 -3627 -5945 -6320 -6320 -5945 -48506 12385 2745 172732 72049 23915 22898 222053 95321 6181 222053 89140 3106 4464 4470 217589 81564 363874 193963 8927 9009 2724 3328 1011 1864 1363 326 6128 1192 354947 184954 2304 1171 5693 0 0 0 4807 393 493 89669 32000 262974 146090 52889 0.001 0.001 10000000 10000000 0.001 0.001 100000000 100000000 23915310 22898310 23915310 22898310 23704770 19620309 -0.00 0.00 -61266 2207 -375 -2318 -2318 -375 -60891 4525 4525 -60891 11677 3570 -49214 8095 1903 2139 1887 57 -49198 10177 557545 276447 5415 4946 552130 271501 508347 286624 64521 54187 572868 340811 11677 507 116884 93201 -375 -23371 61445 87086 3270 930 3682 1392 5000 -9293 134374 47721 1133 -1198 -5693 57669 32000 1903 2139 61445 82886 -3682 3608 59496 30078 43000 18050000 22898310 23915310 430000 1800000 300000 18050000 30000 300000 18050000 43000 430 42570 24067 3000 30000 <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">1.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Nature of Operations and Continuance of Business</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">UPAY, Inc. (the &#8220;Company&#8221;) was incorporated in the State of Nevada on July 8, 2015. By a Share Exchange Agreement dated November 4, 2015, the Company agreed to acquire all of the issued and outstanding shares of Rent Pay (Pty) Ltd (&#8220;Rent Pay&#8221;), in exchange for 200,000 shares of the Company&#8217;s common stock. The acquisition is a capital transaction in substance and therefore has been accounted for as a recapitalization. Rent Pay was incorporated in South Africa on February 1, 2012. Because Rent Pay is deemed to be the acquirer for accounting purposes, the consolidated financial statements are presented as a continuation of Rent Pay and include the results of operations of Rent Pay since incorporation on February 1, 2012, and the results of operations of the Company since the date of acquisition on November 4, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Rent Pay operates principally in South Africa and engages in software development and licensing and provides services to the credit provider industry.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">2.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Summary of Significant Accounting Policies</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">a)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Basis of Presentation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company&#8217;s fiscal year end is February 28. The Financial statements include the accounts of the Company and its subsidiary Rent Pay. All significant intercompany transactions and accounts have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">b)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Use of Estimates</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company&#8217;s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">c)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cash and Cash Equivalents</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cash includes cash on hand and cash held with banks. The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">d)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts Receivable</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Trade accounts receivable are recorded at net invoice value and such receivables are non-interest bearing. Receivables are considered past due based on the contractual payment terms. Receivables are reviewed and specific amounts are reserved if collectability is no longer reasonably assured. The Company did not make any allowance for bad or doubtful debt as of February 28, 2017 or February 29, 2016 in as it is very rare for the company not to receive all its accounts receivable, as all payments are collected by debit order.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">e)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment are stated at cost, less accumulated depreciation and any impairment in value. Depreciation is computed using the straight-line method over the following estimated lives of the assets:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 0.25in; layout-grid-mode: line; width: 48%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">IT equipment</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; width: 11%; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; width: 13%; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; width: 13%; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; layout-grid-mode: line; width: 15%; padding-right: 19.1pt"><font style="font: 10pt Times New Roman, Times, Serif">3 years</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 0.25in; layout-grid-mode: line; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Motor vehicles</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; layout-grid-mode: line; padding-right: 19.1pt"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 0.25in; layout-grid-mode: line; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; layout-grid-mode: line; padding-right: 19.1pt"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 0.25in; layout-grid-mode: line; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; layout-grid-mode: line; padding-right: 19.1pt"><font style="font: 10pt Times New Roman, Times, Serif">6 years</font></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company periodically performs impairment testing on its long-lived assets either annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360. All long-lived assets were deemed recoverable at February 28, 2017, and February 29, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">f)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Leases</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Leases are reviewed and classified as capital or operating at their inception. Capital leases are recognized as assets and liabilities in the balance sheet at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a capital lease obligation. Lease payments are apportioned between interest and reduction off the outstanding liability. The interest is allocated to each period during the lease terms so as to produce a constant periodic rate on the remaining balance of the liability.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">g)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair Value of Financial Instruments</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy in accordance with ASC 820, &#8220;<i>Fair Value Measurements and Disclosures</i>&#8221;. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 1 &#8211; quoted prices for identical instruments in active markets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 2 &#8211; quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 3 &#8211; fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial instruments consist principally of cash and cash equivalents, accounts receivable, loans receivable from related parties, accounts payable, taxes payable, and capital lease obligations. There were no transfers into or out of &#8220;Level 3&#8221; during the years ended February 28, 2017 or February 29, 2016. The recorded values of the capital lease approximate the current fair value based on the terms and conditions that the Company could currently negotiate. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statement. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">h)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Currency Translation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Management has adopted ASC 830, &#8220;<i>Foreign Currency Translation Matters</i>&#8221;, as the functional currency of the Company is the South African rand and the reporting currency is U.S. dollars. Assets and liabilities are translated into U.S. dollars at rates of exchange in effect at the balance sheet date. Average rates for the period are used to translate revenues and expenses. The cumulative translation adjustment is reported as a component of accumulated other comprehensive loss.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">i)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Revenue Recognition</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company derives revenue through licensing its software and by collecting various transaction fees from third party debit orders.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The company has several revenue streams and they are recognized as below:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Branch Setup Fees</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This is a once off cost that the company charges when a customer is onboarded. The billing occurs in the same month that the debit order is collected. This results in no accounts receivable at the end of the month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Data Migration Fees.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This only applies to a customer applying to migrate client data from a previous system to our system. We invoice for this service as soon as data is successfully transferred, imported and verified by our customer and when transactions begin to occur. Revenue is recognized upon invoicing and payment is collected within two days due to debit order mandates signed by the customer as part of the agreement. This results in no outstanding accounts receivable as of the end of each month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Monthly Rental Fees</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Our software is made available on a web based software platform and is offered as software as a service. Our agreement is an evergreen agreement (auto-renewed) and if not terminated by a customer, remains intact. Termination may occur by either party at any point with 30 days&#8217; notice. The monthly software rental fee is payable every month per branch. Monthly rental fees are payable in advance, are invoiced prior to the end of the month and is also collected prior to the end of each month due to debit order mandate signed by the customer. We record this as deferred revenue and recognize the revenue during the month of service. These deferred revenues are held in the customer control account, which is included in the AP section of our financial statements.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Development Service Fee</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We have some clients that we do custom software development for, on some versions of our software. Here we adopt a scrum methodology with 2-week development sprints. We agreed on a price per hour for development with these clients. We send an invoice for the work completed and usually get paid within the same month. On this revenue stream we do not run a debit order, but a client needs to pay invoices before we continue with the next development increment. Payments are due upon invoicing but at times it can take up to 30 days. Any unpaid invoices, if any are recorded to accounts receivable at the end of each month, but invoicing and payment usually happen within the same month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Transactional Fees</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We offer an integrated debit order facility built into our software. When our client (lenders) creates loans with consumers, the consumer contracts directly with us on a separate agreement. We then act as a third-party payment provider, to facilitate the repayment of loans from the consumer to the lender by debit order.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We are registered as a third-party payment provider and all payments collected on this stream are settled by the bank directly into our bank account. We only charge a fee on successful debit order collections and retain that fee when we distribute funds collected on behalf of consumers. The transaction fees charged for these transactions are called CTC and they are displayed on the signed agreement that the consumer signs with us. The CTC fees are paid by the consumer, in addition to the loan installment collected. The loan installment and CTC are collected as one amount, but the CTC is retained by us upon distribution of funds to lenders. Our software system counts and accounts for each individual transaction and its amount and this is generated on a report on our Acpas software. We use this report for revenue recognition in our billing system. Revenue is recorded as a lump sum based on this report at the end of each month. If there are any CTC that still needs to be recognized at an end of a period, it will be recorded as accounts receivable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Credit Protection Insurance Commission</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Some insurance companies offer insurance products on loans that cover the consumer for the full repayment of his debt to the lender, in case of unforeseen events. There is an insurance product from one of our suppliers (an insurance company) that we make available for the insurance company on our software program. In return for making this product available the insurance company would pay us monthly commission on premiums they received. This is a product offered by the insurance company directly to the consumer and we only make it available on our software platform. If this option is selected when a loan is created, an additional fee is added to the loan repayment amount. The software system calculates the insurance premiums and all premiums for a given month are paid by lenders to the insurance company, or lenders use our payment service and instruct us to manage the payments on their behalf.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">After receiving the premiums and supporting reports, the insurance company will then calculate and verify the premiums paid and premium claw back to the point and work out the commission payable based on the premiums received. The insurance company will then pay all commissions earned by us and our clients. Commissions are not earned until collection of the premiums from the consumers and the remittance of the premiums to the insurance company and when the insurance company did their final calculations. We distribute the commission amounts due to our customers within two days of receiving such payments from the insurance company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">j)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based Compensation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company records stock-based compensation in accordance with ASC 718, &#8220;<i>Compensation &#8211; Stock Compensation</i>&#8221; and ASC 505, &#8220;<i>Equity Based Payments to Non-Employees</i>&#8221;, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">k)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Comprehensive Income (Loss)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ASC 220, &#8220;<i>Comprehensive Income&#8221;, </i>establishes standards for the reporting and display of comprehensive income (loss) and its components in the financial statements. As at February 28, 2017 and February 29, 2016, the only item that represents comprehensive income (loss) was foreign currency translation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">l)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Earnings (Loss) Per Share</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company computes earnings (loss) per share (&#8220;EPS&#8221;) in accordance with ASC 260, &#8220;<i>Earnings per Share</i>&#8221;. ASC 260 requires presentation of both basic and diluted earnings per share on the face of the statement of operations. EPS is calculated using the weighted-average number of common shares outstanding during the period. Diluted EPS if applicable is calculated by dividing net income available to common stockholders for the period by the diluted weighted-average number of common shares outstanding during the period. Diluted EPS would reflect the potential dilution from common shares issuable through stock options, performance-based restricted stock units that have satisfied their performance factor and restricted stock units using the treasury stock method.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">m)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Income Taxes</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with FASB ASC 740, &#8220;Income Taxes&#8221; (&#8220;ASC 740&#8221;), deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. The Company has recorded a valuation allowance against its deferred tax assets based on the history of losses incurred.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position would be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. As of February 28, 2017 and February 29, 2016, the Company does not have a liability for any unrecognized tax benefits.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All tax periods from inception remain open to examination by taxing authorities due to the net operating losses. To date the Company&#8217;s acquired subsidiaries have not filed the required income tax returns.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">n)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Going Concern</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, 2017, the Company does not have revenues sufficient to execute its business plan. The Company intends to fund operations through equity financing arrangements. There is no assurance that this will be successful.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These factors, among others, raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">o)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Recent Accounting Pronouncements</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">3.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Acquisition of Rent Pay (Pty) Ltd</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On November 4, 2015, the Company entered into a Share Exchange Agreement with Rent Pay, a private company that is incorporated and operates principally in South Africa. Pursuant to the Share Exchange Agreement, the Company acquired 100% of the issued and outstanding common stock of Rent Pay in exchange for 200,000 common shares.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Prior to the completion of the Share Exchange Agreement, the operations of the Company were insignificant and consisted only of the issuance of common stock (18,050,000 shares to founders for services valued at $24,067 and 3,750,000 shares for cash of $5,000). As a result, the acquisition was accounted for as a reverse acquisition with Rent Pay deemed the accounting acquirer and the Company deemed the accounting acquiree. The reverse acquisition was a capital transaction in substance and therefore has been accounted for as a recapitalization, wherein the consolidated financial statements represent the continuation of the financial statements of Rent Pay (the accounting acquirer/legal subsidiary) except for its capital structure. Assets acquired and liabilities assumed are reported at their historical amounts. These consolidated financial statements include the accounts of the Company since the effective date of the recapitalization and the historical accounts of Rent Pay since inception.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The assets acquired and liabilities assumed from UPAY, Inc. are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left; width: 85%"><font style="font: 10pt Times New Roman, Times, Serif">Cash</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total </font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">4.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loans Receivable from Related Parties</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">a)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $4,807) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">b)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $393) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">c)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $493) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">5.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and Equipment, Net</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment, net, consists of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Cost</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated <br />Depreciation</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 28, <br />2017 <br />Net Carrying Value&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 29, <br />2016 <br />Net Carrying Value</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 48%"><font style="font: 10pt Times New Roman, Times, Serif">IT equipment</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">3,936</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(1,212</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">2,724</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">326</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Motor vehicle</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,165</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,837</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,328</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,128</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,755</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,744</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,011</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,192</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,441</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(577</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,864</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,363</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="border-bottom: black 2.5pt double; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,297</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(21,370</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,927</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,009</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended February 28, 2017, the Company recorded depreciation expense of $5,415 (February 29, 2016 - $4,946).</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">6.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Common Stock</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On October 1, 2015, the Company issued 18,050,000 shares of common stock to its founders at $.0013 per share pursuant to the recapitalization discussed in Note 3. These shares have been considered outstanding for all periods presented in these financial statements.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During November 2015, the Company issued 3,750,000 shares of common stock for cash at $.0013 per share for proceeds of $5,000.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During November 2015 the Company issued 200,000 shares of common stock valued at $0.10 per share pursuant to a share exchange agreement (See Note 3).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the period from November 2015 through February 2016 the Company issued 870,860 shares of common stock pursuant to a private placement at $0.10 per share for proceeds of $87,086 and 27,450 shares of common stock for a stock subscription receivable of $2,745.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 26, 2016, the Company issued 30,000 shares of common stock with a fair value of $3,000 pursuant to a website service agreement that the Company entered into on January 1, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On June 15, 2016, the Company issued 300,000 restricted shares of common stock with a fair value of $30,000, pursuant to a Consulting Agreement entered into on June 3, 2016, for two years of business advisory services commencing on the date of issuance (see Note 7).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 10, 2017, the Company issued 100,000 shares of common stock with a fair value of $10,000 pursuant to a consultancy agreement which stipulated that the shares would only be issued if the Company&#8217;s registration statement on Form S-1 was declared effective by the Securities and Exchange Commission.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the period from March 2016 through February 2017 the Company issued 575,000 shares of common stock pursuant to a private placement at $0.10 per share for proceeds of $57,500. In addition, 12,000 shares of common stock were issued which were subscribed for and paid for at February 29, 2016.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">7.</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Commitments</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On November 11, 2015, the Company entered into a lease agreement for renting office space in South Africa. The term of the lease is for two years commencing March 1, 2016. The monthly base rate is $685 (R8,918) in the first year and increases to $754 (R9,809) in the second year of the lease. Lease expense for the year ended February 28, 2017 was $7,300 (February 29, 2016 - $7,395).</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 18, 2016, the Company entered into a lease agreement for renting office space in Dallas, Texas. The term of the lease is for one year commencing May 1, 2016, and the monthly base rate is $715. Lease expense for the year ended February 28, 2017 was $11,178 (February 29, 2016 - $0).</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of February 28, 2017, the future lease commitments are:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Year</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Operating Lease <br />Commitments&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 85%"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">12,745</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On June 1, 2015 the Company entered into Consultancy Agreements with two consultants whereby the consultants will assist the Company with the filing of the S-1 Registration Statement of the Company. In consideration for these services the Company will issue to each consultant 10,000 cashless warrants within ten days of the Company receiving an effectiveness notice of the S-1 filing from the Securities and Exchange Commission. The warrants have an exercise price of $5.00 and are exercisable for a two-year period following their issuance. As of February 28, 2017, the warrants have not been issued.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 18, 2016, the Company entered into a Software Services Agreement whereby a company will provide services to develop software in consideration for 1,800,000 restricted shares of common stock to be issued within ten days of the completion of the software development. As of February 28, 2017, the services and software have not been completed.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On June 3, 2016, the Company entered into a Consultancy Agreement for business advisory services in consideration for 300,000 restricted shares of common stock and 2,000,000 cashless warrants that have an exercise price of $3.50 and an exercise period of two years following the effectiveness notice of the S-1 filing from the Securities and Exchange Commission. As of February 28, 2017, the stocks and warrants have not been issued.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">There is currently no ongoing litigation or legal challenges against the Company.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">8.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Concentrations</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s revenues were concentrated among two customers for the year ended February 28, 2017 and three customers for the year ended February 29, 2016:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 40%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Customer</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 28,&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2017&#160;</font></p></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: center; width: 39%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 32%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">37</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 40%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Customer</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 29,<br />2016</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: center; width: 39%"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="text-align: left; width: 32%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s receivables were concentrated among two customers as at February 28, 2017, and three customers as at February 29, 2016:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 40%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Customer</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 28,<br />2017</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: center; width: 39%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 32%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">53</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 40%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Customer</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 29,<br />2016</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: center; width: 39%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 32%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">24</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">9.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Income Taxes</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The potential benefit of net operating losses for the Company have not been recognized in the financial statements because the Company cannot be assured that it is more likely than not that it will utilize the net operating losses carried forward in future years. The Company did not incur any income tax expense to the Internal Revenue Services for the years ended February 28, 2017, or 2016. However, Rent Pay did have income tax expense of $11,677 to the South African Revenue Services for the year ended February 28, 2017 (2016 &#8211; $3,570). Given the short history of the Company and the uncertainty as to the likelihood of future taxable income, the Company has recorded a 100% valuation reserve against the anticipated recovery from the use of the net operating losses. The Company will evaluate the appropriateness of the valuation allowance on an annual basis and adjust the allowance as considered necessary. The Company&#8217;s US net operating loss is approximately $113,000 at February 28, 2017, which starts to expire in 2036.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The table below reconciles the US federal income tax rate to the effective rate for the years ended February 28, 2017 and February 29, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 87%"><font style="font: 10pt Times New Roman, Times, Serif">Income Tax at Statutory Rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(34</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effect of Operating Losses</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Income Tax</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 87%"><font style="font: 10pt Times New Roman, Times, Serif">Income Tax at Statutory Rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(34</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect of Operating Losses</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Income Tax</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(44</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(44</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> </table> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">10.</font></td> <td style="text-align: justify"><p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Subsequent Events</font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt/normal Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On April 16, 2018, pursuant to an Asset Purchase Agreement, the Company acquired software named &#8220;Theme Studio&#8221; from Twin Harbor Web Solutions in exchange for 2 000 000 common stock shares of the Company.</font></p></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of February 28, 2017, have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, &#8220;<i>Subsequent Events</i>.&#8221;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">a)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Basis of Presentation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company&#8217;s fiscal year end is February 28. The Financial statements include the accounts of the Company and its subsidiary Rent Pay. All significant intercompany transactions and accounts have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">b)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Use of Estimates</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company&#8217;s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">l)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Earnings (Loss) Per Share</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company computes earnings (loss) per share (&#8220;EPS&#8221;) in accordance with ASC 260, &#8220;<i>Earnings per Share</i>&#8221;. ASC 260 requires presentation of both basic and diluted earnings per share on the face of the statement of operations. EPS is calculated using the weighted-average number of common shares outstanding during the period. Diluted EPS if applicable is calculated by dividing net income available to common stockholders for the period by the diluted weighted-average number of common shares outstanding during the period. Diluted EPS would reflect the potential dilution from common shares issuable through stock options, performance-based restricted stock units that have satisfied their performance factor and restricted stock units using the treasury stock method.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">n)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Going Concern</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, 2017, the Company does not have revenues sufficient to execute its business plan. The Company intends to fund operations through equity financing arrangements. There is no assurance that this will be successful.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These factors, among others, raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">o)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Recent Accounting Pronouncements</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">c)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cash and Cash Equivalents</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cash includes cash on hand and cash held with banks. The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment, net, consists of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Cost</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated <br />Depreciation</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 28, <br />2017 <br />Net Carrying Value&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 29, <br />2016 <br />Net Carrying Value</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 48%"><font style="font: 10pt Times New Roman, Times, Serif">IT equipment</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">3,936</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(1,212</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">2,724</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">326</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Motor vehicle</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,165</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,837</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,328</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,128</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,755</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,744</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,011</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,192</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,441</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(577</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,864</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,363</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="border-bottom: black 2.5pt double; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,297</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(21,370</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,927</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,009</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of February 28, 2017, the future lease commitments are:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Year</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Operating Lease <br />Commitments&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 85%"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">12,745</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s revenues were concentrated among two customers for the year ended February 28, 2017 and three customers for the year ended February 29, 2016:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 40%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Customer</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 28,&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2017&#160;</font></p></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: center; width: 39%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 32%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">37</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 40%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Customer</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 29,<br />2016</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: center; width: 39%"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="text-align: left; width: 32%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s receivables were concentrated among two customers as at February 28, 2017, and three customers as at February 29, 2016:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 40%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Customer</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 28,<br />2017</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: center; width: 39%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 32%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">53</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 40%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Customer</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February 29,<br />2016</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: center; width: 39%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 32%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">24</font></td> <td style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">d)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts Receivable</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Trade accounts receivable are recorded at net invoice value and such receivables are non-interest bearing. Receivables are considered past due based on the contractual payment terms. Receivables are reviewed and specific amounts are reserved if collectability is no longer reasonably assured. The Company did not make any allowance for bad or doubtful debt as of February 28, 2017 or February 29, 2016 in as it is very rare for the company not to receive all its accounts receivable, as all payments are collected by debit order.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">e)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment are stated at cost, less accumulated depreciation and any impairment in value. Depreciation is computed using the straight-line method over the following estimated lives of the assets:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 0.25in; layout-grid-mode: line; width: 48%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">IT equipment</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; width: 11%; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; width: 13%; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; width: 13%; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; layout-grid-mode: line; width: 15%; padding-right: 19.1pt"><font style="font: 10pt Times New Roman, Times, Serif">3 years</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 0.25in; layout-grid-mode: line; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Motor vehicles</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; layout-grid-mode: line; padding-right: 19.1pt"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 0.25in; layout-grid-mode: line; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; layout-grid-mode: line; padding-right: 19.1pt"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 0.25in; layout-grid-mode: line; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 5.4pt; layout-grid-mode: line; padding-right: 11.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; layout-grid-mode: line; padding-right: 19.1pt"><font style="font: 10pt Times New Roman, Times, Serif">6 years</font></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company periodically performs impairment testing on its long-lived assets either annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360. All long-lived assets were deemed recoverable at February 28, 2017, and February 29, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">f)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Leases</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Leases are reviewed and classified as capital or operating at their inception. Capital leases are recognized as assets and liabilities in the balance sheet at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a capital lease obligation. Lease payments are apportioned between interest and reduction off the outstanding liability. The interest is allocated to each period during the lease terms so as to produce a constant periodic rate on the remaining balance of the liability.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">g)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair Value of Financial Instruments</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy in accordance with ASC 820, &#8220;<i>Fair Value Measurements and Disclosures</i>&#8221;. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 1 &#8211; quoted prices for identical instruments in active markets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 2 &#8211; quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 3 &#8211; fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial instruments consist principally of cash and cash equivalents, accounts receivable, loans receivable from related parties, accounts payable, taxes payable, and capital lease obligations. There were no transfers into or out of &#8220;Level 3&#8221; during the years ended February 28, 2017 or February 29, 2016. The recorded values of the capital lease approximate the current fair value based on the terms and conditions that the Company could currently negotiate. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statement. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">h)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Currency Translation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Management has adopted ASC 830, &#8220;<i>Foreign Currency Translation Matters</i>&#8221;, as the functional currency of the Company is the South African rand and the reporting currency is U.S. dollars. Assets and liabilities are translated into U.S. dollars at rates of exchange in effect at the balance sheet date. Average rates for the period are used to translate revenues and expenses. The cumulative translation adjustment is reported as a component of accumulated other comprehensive loss.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">i)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Revenue Recognition</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company derives revenue through licensing its software and by collecting various transaction fees from third party debit orders.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The company has several revenue streams and they are recognized as below:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Branch Setup Fees</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This is a once off cost that the company charges when a customer is onboarded. The billing occurs in the same month that the debit order is collected. This results in no accounts receivable at the end of the month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Data Migration Fees.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This only applies to a customer applying to migrate client data from a previous system to our system. We invoice for this service as soon as data is successfully transferred, imported and verified by our customer and when transactions begin to occur. Revenue is recognized upon invoicing and payment is collected within two days due to debit order mandates signed by the customer as part of the agreement. This results in no outstanding accounts receivable as of the end of each month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Monthly Rental Fees</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Our software is made available on a web based software platform and is offered as software as a service. Our agreement is an evergreen agreement (auto-renewed) and if not terminated by a customer, remains intact. Termination may occur by either party at any point with 30 days&#8217; notice. The monthly software rental fee is payable every month per branch. Monthly rental fees are payable in advance, are invoiced prior to the end of the month and is also collected prior to the end of each month due to debit order mandate signed by the customer. We record this as deferred revenue and recognize the revenue during the month of service. These deferred revenues are held in the customer control account, which is included in the AP section of our financial statements.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Development Service Fee</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We have some clients that we do custom software development for, on some versions of our software. Here we adopt a scrum methodology with 2-week development sprints. We agreed on a price per hour for development with these clients. We send an invoice for the work completed and usually get paid within the same month. On this revenue stream we do not run a debit order, but a client needs to pay invoices before we continue with the next development increment. Payments are due upon invoicing but at times it can take up to 30 days. Any unpaid invoices, if any are recorded to accounts receivable at the end of each month, but invoicing and payment usually happen within the same month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Transactional Fees</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We offer an integrated debit order facility built into our software. When our client (lenders) creates loans with consumers, the consumer contracts directly with us on a separate agreement. We then act as a third-party payment provider, to facilitate the repayment of loans from the consumer to the lender by debit order.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We are registered as a third-party payment provider and all payments collected on this stream are settled by the bank directly into our bank account. We only charge a fee on successful debit order collections and retain that fee when we distribute funds collected on behalf of consumers. The transaction fees charged for these transactions are called CTC and they are displayed on the signed agreement that the consumer signs with us. The CTC fees are paid by the consumer, in addition to the loan installment collected. The loan installment and CTC are collected as one amount, but the CTC is retained by us upon distribution of funds to lenders. Our software system counts and accounts for each individual transaction and its amount and this is generated on a report on our Acpas software. We use this report for revenue recognition in our billing system. Revenue is recorded as a lump sum based on this report at the end of each month. If there are any CTC that still needs to be recognized at an end of a period, it will be recorded as accounts receivable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Credit Protection Insurance Commission</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Some insurance companies offer insurance products on loans that cover the consumer for the full repayment of his debt to the lender, in case of unforeseen events. There is an insurance product from one of our suppliers (an insurance company) that we make available for the insurance company on our software program. In return for making this product available the insurance company would pay us monthly commission on premiums they received. This is a product offered by the insurance company directly to the consumer and we only make it available on our software platform. If this option is selected when a loan is created, an additional fee is added to the loan repayment amount. The software system calculates the insurance premiums and all premiums for a given month are paid by lenders to the insurance company, or lenders use our payment service and instruct us to manage the payments on their behalf.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">After receiving the premiums and supporting reports, the insurance company will then calculate and verify the premiums paid and premium claw back to the point and work out the commission payable based on the premiums received. The insurance company will then pay all commissions earned by us and our clients. Commissions are not earned until collection of the premiums from the consumers and the remittance of the premiums to the insurance company and when the insurance company did their final calculations. We distribute the commission amounts due to our customers within two days of receiving such payments from the insurance company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">j)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based Compensation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company records stock-based compensation in accordance with ASC 718, &#8220;<i>Compensation &#8211; Stock Compensation</i>&#8221; and ASC 505, &#8220;<i>Equity Based Payments to Non-Employees</i>&#8221;, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.&#160;&#160;</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">k)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Comprehensive Income (Loss)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ASC 220, &#8220;<i>Comprehensive Income&#8221;, </i>establishes standards for the reporting and display of comprehensive income (loss) and its components in the financial statements. As at February 28, 2017 and February 29, 2016, the only item that represents comprehensive income (loss) was foreign currency translation.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">m)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Income Taxes</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with FASB ASC 740, &#8220;Income Taxes&#8221; (&#8220;ASC 740&#8221;), deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. The Company has recorded a valuation allowance against its deferred tax assets based on the history of losses incurred.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position would be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. As of February 28, 2017 and February 29, 2016, the Company does not have a liability for any unrecognized tax benefits.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All tax periods from inception remain open to examination by taxing authorities due to the net operating losses. To date the Company&#8217;s acquired subsidiaries have not filed the required income tax returns.</font></p> 200000 P3Y P5Y P5Y P6Y 5000 5000 1.00 4648310 587000 3750000 575000 3750000 200000 870860 100000 2000000 30297 3936 21165 2755 2441 21370 1212 17837 1744 577 12745 8918 9809 715 685 754 7300 7395 11178 0 2016-03-01 2016-05-01 P2Y P1Y 5.00 3.50 10000 2000000 P2Y P2Y 0.37 0.29 0.14 0.33 0.21 0.53 0.16 0.24 0.10 0.21 0.34 0.34 0.34 0.34 0.18 -0.44 0.18 -0.44 1.00 113000 61445 92086 4648 587 90183 58113 -2745 2745 5000 57500 5000 87086 10000 200000 200 -24267 24067 12000 0.10 0.0013 0.0013 0.10 0.10 27450 2745 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The table below reconciles the US federal income tax rate to the effective rate for the years ended February 28, 2017 and February 29, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 87%"><font style="font: 10pt Times New Roman, Times, Serif">Income Tax at Statutory Rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(34</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effect of Operating Losses</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Income Tax</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 87%"><font style="font: 10pt Times New Roman, Times, Serif">Income Tax at Statutory Rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(34</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect of Operating Losses</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Income Tax</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(44</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(44</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The assets acquired and liabilities assumed from UPAY, Inc. are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left; width: 85%"><font style="font: 10pt Times New Roman, Times, Serif">Cash</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total </font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> 2036 3688 EX-101.SCH 8 cik1677897-20170228.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Operations and Comprehensive (Loss) Income link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statement of Stockholders' Equity and Accumulated Other Comprehensive Loss link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Nature of Operations and Continuance of Business link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Acquisition of Rent Pay (Pty) Ltd link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Loans Receivable from Related Parties link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Property and Equipment, Net link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Common Stock link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Commitments link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Concentrations link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Acquisition of Rent Pay (Pty) Ltd (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Property and Equipment, Net (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Concentrations (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Nature of Operations and Continuance of Business (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Acquisition of Rent Pay (Pty) Ltd (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Acquisition of Rent Pay (Pty) Ltd (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Loans Receivable from Related Parties (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Property and Equipment, Net (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Property and Equipment, Net (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Common Stock (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Commitments and Contingencies (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Concentrations (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Income Taxes (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Subsequent Events (Details Textual) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 9 cik1677897-20170228_cal.xml XBRL CALCULATION FILE EX-101.DEF 10 cik1677897-20170228_def.xml XBRL DEFINITION FILE EX-101.LAB 11 cik1677897-20170228_lab.xml XBRL LABEL FILE Equity Components [Axis] Common Stock [Member] Additional Paid-In Capital [Member] Stock Subscription Receivable [Member] (Accumulated Deficit) Retained Earnings [Member] Accumulated Other Comprehensive Loss [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Share Exchange Agreement [Member] Business Acquisition [Axis] Rent Pay Pty Ltd [Member] Property, Plant and Equipment, Type [Axis] IT equipment [Member] Motor vehicles [Member] Office Equipment [Member] Furniture and Fixtures [Member] Related Party Transaction [Axis] Related Party One [Member] Related Party Two [Member] Related Party Three [Member] Geographical [Axis] SOUTH AFRICA Report Date [Axis] First Year [Member] Second Year [Member] Dallas, Texas [Member] Award Type [Axis] Restricted Stock [Member] Concentration Risk Benchmark [Axis] Sales Revenue, Net [Member] Customer [Axis] Customer One [Member] Customer Two [Member] Customer Three [Member] Accounts Receivable [Member] Website Service Agreement [Member] Consulting Agreement [Member] Sale of Stock [Axis] Private Placement [Member] Related Party [Axis] Founder [Member] Consultancy Agreement [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Asset Purchase Agreement [Member] Theme Studio [Member] Legal Entity [Axis] Twin Harbor Web Solutions [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current Assets Cash and cash equivalents Accounts receivable Loans receivable from related parties Prepaid expenses and other current assets Total Current Assets Property and Equipment, Net Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable Taxes payable Current portion of capital lease obligations Total Current Liabilities Capital Lease Obligations Total Liabilities Stockholders' Equity Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding Common Stock, $0.001 par value, 100,000,000 shares authorized; 23,915,310 shares and 22,898,310 shares issued and outstanding at February 28, 2017, and 2016, respectively Additional Paid in Capital Stock Subscription Receivable (Accumulated Deficit) Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Total Liabilities and Stockholders' Equity Preferred Stock, Par or Stated Value Per Share Preferred Stock, Shares Authorized Preferred Stock, Shares Issued Preferred Stock, Shares Outstanding Common Stock, Par or Stated Value Per Share Common Stock, Shares Authorized Common Stock, Shares, Issued Common Stock, Shares, Outstanding Income Statement [Abstract] Revenue Cost of Revenue Gross Profit Expenses General and administrative Depreciation Total Expenses Net (Loss) Income Before Other Expenses and Income Taxes Other Income (Expenses) Interest income Interest expense (Loss) Income Before Income Taxes Provision for income taxes Net (Loss) Income Other Comprehensive Income Foreign currency translation adjustments Comprehensive (Loss) Income Net (Loss) Earnings Per Share - Basic and Diluted Weighted-average Common Shares Outstanding - Basic and Diluted Statement [Table] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Beginning, value Beginning, shares Issuance of shares for cash, value Issuance of shares for cash, Shares Shares exchanged for all outstanding shares of Rent Pay (Pty) Ltd, value Shares exchanged for all outstanding shares of Rent Pay (Pty) Ltd, shares Shares issued for services, value Shares issued for services, shares Net income (loss) Ending, value Ending, shares Statement of Cash Flows [Abstract] Cash Flows from Operating Activities Net (loss) income Adjustments to reconcile net (loss) income to net cash provided by operating activities: Shares issued for services Changes in operating assets and liabilities: Accounts receivable Accounts receivable - related party Prepaid expenses and other current assets Accounts payable Taxes payable Accrued expenses Net Cash Provided by Operating Activities Cash Flows from Investing Activities Cash acquired upon acquisition of Rent Pay (Pty) Ltd Purchase of fixed assets Net Cash (Used in) Provided by Investing Activities Cash Flows from Financing Activities Payments to related parties Principal payments on capital lease obligation Proceeds from issuance of common stock Net Cash Provided by Financing Activities Effect of Exchange Rate Changes on Cash Change in Cash and Cash Equivalents Cash and Cash Equivalents - Beginning of Year Cash and Cash Equivalents - End of Year Supplemental Disclosures of Cash Flow Information: Interest paid Income taxes paid Organization, Consolidation and Presentation of Financial Statements [Abstract] Nature of Operations and Continuance of Business Accounting Policies [Abstract] Summary of Significant Accounting Policies Business Combinations [Abstract] Acquisition of Rent Pay (Pty) Ltd Related Party Transactions [Abstract] Loans Receivable from Related Parties Property, Plant and Equipment [Abstract] Property and Equipment, Net Equity [Abstract] Common Stock Commitments and Contingencies Disclosure [Abstract] Commitments Risks and Uncertainties [Abstract] Concentrations Income Tax Disclosure [Abstract] Income Taxes Subsequent Events [Abstract] Subsequent Events Basis of Presentation Use of Estimates Cash and Cash Equivalents Accounts Receivable Property and Equipment Leases Fair Value of Financial Instruments Foreign Currency Translation Revenue Recognition Stock-based Compensation Comprehensive Income (Loss) Earnings (Loss) Per Share Income Taxes Going Concern Recent Accounting Pronouncements Schedule of assets acquired and liabilities assumed Schedule of Property, Plant and Equipment Schedule of Future Minimum Rental Payments for Operating Leases Schedules of Concentration of Risk, by Risk Factor Schedule of US federal income tax rate to the effective rate Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table] Business Acquisition, Equity Interests Issued or Issuable [Line Items] Number of Shares issued for business acquisition Estimated lives of the assets Cash Total Percentage of ownership aquired Number of Shares issued for business acquisition (in shares) Number of shares issued for services (in shares) Number of shares issued for services, value Number of shares issued (in shares) Number of shares issued, value Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Due from related parties Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Cost Accumulated depreciation Net Carrying Value Depreciation expense Common stock, shares subscribed (in shares) Deferred compensation equity Shares issued price per share (in dollars per share) Stock subscription receivable (in shares) Stock subscription receivable, value 2018 Monthly base rate Operating lease expense Operating leases commencement date Operating leases contract term Exercise price (in dollars per share) Number of warrants issued Warrants exercisable term (in years) Percentage of concentration risk Income Tax at Statutory Rate Effect of Operating Losses Foreign Income Tax Total Income tax expense Percentage of valuation reserve against the anticipated recovery Net operating loss Operating loss expiration date Number of shares issued Information by component of equity. The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to common stock. Disclosure of accounting policy for going concern. Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements. Information by business combination or series of individually immaterial business combinations. Information by type of related party transaction. Information by type of related party transaction. Information by type of related party transaction. Information about two or more restatements of a single financial reporting concept where restated amounts have been reported in a prior filing. Information about two or more restatements of a single financial reporting concept where restated amounts have been reported in a prior filing. Information by geographical components. Date which lease or group of leases is set to commence, in CCYY-MM-DD format. This element represents the number of warrants issued during the period for the services in lieu of cash for services contributed to the entity. This element represents the period of time between issuance and exercise of warrants, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Information by name or description of a single external customer or a group of external customers. Information by name or description of a single external customer or a group of external customers. Information by name or description of a single external customer or a group of external customers. It represents as a effect of operating losses. It represents as a percentage of valuation reserve against the anticipated recovery. Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements. Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements. This element represent the number of common stock subscribed during the period. Information by type of related party. Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements. Expiration date of operating loss carryforward included in operating loss carryforward. Information about agreement. Information about software. Information about entity. Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Note, Subscriptions Receivable Stockholders' Equity Attributable to Parent Liabilities and Equity Cost of Revenue Gross Profit Operating Expenses Operating Income (Loss) Interest Expense Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Other Comprehensive Income (Loss), Net of Tax Shares, Outstanding Increase (Decrease) in Accounts Receivable Increase (Decrease) in Accounts Receivable, Related Parties Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Taxes Payable Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Related Party Debt Repayments of Long-term Capital Lease Obligations Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Property, Plant and Equipment Disclosure [Text Block] Income Tax, Policy [Policy Text Block] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Effective Income Tax Rate Reconciliation, Percent EX-101.PRE 12 cik1677897-20170228_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - USD ($)
12 Months Ended
Feb. 28, 2017
Jul. 17, 2018
Document And Entity Information    
Entity Registrant Name UPAY  
Entity Central Index Key 0001677897  
Document Type 10-K  
Document Period End Date Feb. 28, 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 Public Float $ 0  
Entity Common Stock, Shares Outstanding   25,915,310
Document Fiscal Period Focus FY  
Document Fiscal Year Focus 2017  
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets - USD ($)
Feb. 28, 2017
Feb. 29, 2016
Current Assets    
Cash and cash equivalents $ 262,974 $ 146,090
Accounts receivable 89,669 32,000
Loans receivable from related parties 5,693
Prepaid expenses and other current assets 2,304 1,171
Total Current Assets 354,947 184,954
Property and Equipment, Net 8,927 9,009
Total Assets 363,874 193,963
Current Liabilities    
Accounts payable 217,589 81,564
Taxes payable 4,464 4,470
Current portion of capital lease obligations 3,106
Total Current Liabilities 222,053 89,140
Capital Lease Obligations 6,181
Total Liabilities 222,053 95,321
Stockholders' Equity    
Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding
Common Stock, $0.001 par value, 100,000,000 shares authorized; 23,915,310 shares and 22,898,310 shares issued and outstanding at February 28, 2017, and 2016, respectively 23,915 22,898
Additional Paid in Capital 172,732 72,049
Stock Subscription Receivable (2,745)
(Accumulated Deficit) Retained Earnings (48,506) 12,385
Accumulated Other Comprehensive Loss (6,320) (5,945)
Total Stockholders' Equity 141,821 98,642
Total Liabilities and Stockholders' Equity $ 363,874 $ 193,963
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Feb. 28, 2017
Feb. 29, 2016
Statement of Financial Position [Abstract]    
Preferred Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Shares Issued
Preferred Stock, Shares Outstanding
Common Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 23,915,310 22,898,310
Common Stock, Shares, Outstanding 23,915,310 22,898,310
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
12 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Income Statement [Abstract]    
Revenue $ 572,868 $ 340,811
Cost of Revenue (64,521) (54,187)
Gross Profit 508,347 286,624
Expenses    
General and administrative 552,130 271,501
Depreciation 5,415 4,946
Total Expenses 557,545 276,447
Net (Loss) Income Before Other Expenses and Income Taxes (49,198) 10,177
Other Income (Expenses)    
Interest income 1,887 57
Interest expense (1,903) (2,139)
(Loss) Income Before Income Taxes (49,214) 8,095
Provision for income taxes (11,677) (3,570)
Net (Loss) Income (60,891) 4,525
Other Comprehensive Income    
Foreign currency translation adjustments (375) (2,318)
Comprehensive (Loss) Income $ (61,266) $ 2,207
Net (Loss) Earnings Per Share - Basic and Diluted $ (0.00) $ 0.00
Weighted-average Common Shares Outstanding - Basic and Diluted 23,704,770 19,620,309
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statement of Stockholders' Equity and Accumulated Other Comprehensive Loss - USD ($)
Common Stock [Member]
Additional Paid-In Capital [Member]
Stock Subscription Receivable [Member]
(Accumulated Deficit) Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Total
Beginning, value at Feb. 28, 2015 $ 18,050 $ 6,133   $ (16,207) $ (3,627) $ 4,349
Beginning, shares at Feb. 28, 2015 18,050,000          
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of shares for cash, value $ 4,648 90,183 $ (2,745)     92,086
Issuance of shares for cash, Shares 4,648,310          
Shares exchanged for all outstanding shares of Rent Pay (Pty) Ltd, value $ 200 (24,267)   24,067  
Shares exchanged for all outstanding shares of Rent Pay (Pty) Ltd, shares 200,000          
Net income (loss)       4,525   4,525
Foreign currency translation adjustments         (2,318) (2,318)
Ending, value at Feb. 29, 2016 $ 22,898 72,049 (2,745) 12,385 (5,945) 98,642
Ending, shares at Feb. 29, 2016 22,898,310          
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of shares for cash, value $ 587 58,113 $ 2,745     61,445
Issuance of shares for cash, Shares 587,000          
Shares issued for services, value $ 430 42,570       43,000
Shares issued for services, shares 430,000          
Net income (loss)       (60,891)   (60,891)
Foreign currency translation adjustments         (375) (375)
Ending, value at Feb. 28, 2017 $ 23,915 $ 172,732   $ (48,506) $ (6,320) $ 141,821
Ending, shares at Feb. 28, 2017 23,915,310          
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Cash Flows from Operating Activities    
Net (loss) income $ (60,891) $ 4,525
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 5,415 4,946
Shares issued for services 43,000
Changes in operating assets and liabilities:    
Accounts receivable (57,669) (32,000)
Accounts receivable - related party 5,693
Prepaid expenses and other current assets (1,133) 1,198
Accounts payable 134,374 47,721
Taxes payable 3,688
Accrued expenses (9,293)
Net Cash Provided by Operating Activities 59,496 30,078
Cash Flows from Investing Activities    
Cash acquired upon acquisition of Rent Pay (Pty) Ltd 5,000
Purchase of fixed assets (3,682) (1,392)
Net Cash (Used in) Provided by Investing Activities (3,682) 3,608
Cash Flows from Financing Activities    
Payments to related parties (930)
Principal payments on capital lease obligation (3,270)
Proceeds from issuance of common stock 61,445 87,086
Net Cash Provided by Financing Activities 61,445 82,886
Effect of Exchange Rate Changes on Cash (375) (23,371)
Change in Cash and Cash Equivalents 116,884 93,201
Cash and Cash Equivalents - Beginning of Year 146,090 52,889
Cash and Cash Equivalents - End of Year 262,974 146,090
Supplemental Disclosures of Cash Flow Information:    
Interest paid 1,903 2,139
Income taxes paid $ 11,677 $ 507
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of Operations and Continuance of Business
12 Months Ended
Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Continuance of Business
1. Nature of Operations and Continuance of Business

 

UPAY, Inc. (the “Company”) was incorporated in the State of Nevada on July 8, 2015. By a Share Exchange Agreement dated November 4, 2015, the Company agreed to acquire all of the issued and outstanding shares of Rent Pay (Pty) Ltd (“Rent Pay”), in exchange for 200,000 shares of the Company’s common stock. The acquisition is a capital transaction in substance and therefore has been accounted for as a recapitalization. Rent Pay was incorporated in South Africa on February 1, 2012. Because Rent Pay is deemed to be the acquirer for accounting purposes, the consolidated financial statements are presented as a continuation of Rent Pay and include the results of operations of Rent Pay since incorporation on February 1, 2012, and the results of operations of the Company since the date of acquisition on November 4, 2015.

 

Rent Pay operates principally in South Africa and engages in software development and licensing and provides services to the credit provider industry.

XML 20 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
12 Months Ended
Feb. 28, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies

 

  a) Basis of Presentation

 

These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company’s fiscal year end is February 28. The Financial statements include the accounts of the Company and its subsidiary Rent Pay. All significant intercompany transactions and accounts have been eliminated in consolidation.

 

  b) Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

 

  c) Cash and Cash Equivalents

 

Cash includes cash on hand and cash held with banks. The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.

 

  d) Accounts Receivable

 

Trade accounts receivable are recorded at net invoice value and such receivables are non-interest bearing. Receivables are considered past due based on the contractual payment terms. Receivables are reviewed and specific amounts are reserved if collectability is no longer reasonably assured. The Company did not make any allowance for bad or doubtful debt as of February 28, 2017 or February 29, 2016 in as it is very rare for the company not to receive all its accounts receivable, as all payments are collected by debit order.

 

  e) Property and Equipment

 

Property and equipment are stated at cost, less accumulated depreciation and any impairment in value. Depreciation is computed using the straight-line method over the following estimated lives of the assets:

 

IT equipment       3 years
Motor vehicles       5 years
Office equipment       5 years
Furniture and fixtures       6 years

 

The Company periodically performs impairment testing on its long-lived assets either annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360. All long-lived assets were deemed recoverable at February 28, 2017, and February 29, 2016.

 

  f) Leases

 

Leases are reviewed and classified as capital or operating at their inception. Capital leases are recognized as assets and liabilities in the balance sheet at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a capital lease obligation. Lease payments are apportioned between interest and reduction off the outstanding liability. The interest is allocated to each period during the lease terms so as to produce a constant periodic rate on the remaining balance of the liability.

  

  g) Fair Value of Financial Instruments

 

The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy in accordance with ASC 820, “Fair Value Measurements and Disclosures”. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows:

 

Level 1 – quoted prices for identical instruments in active markets.

 

Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets.

 

Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

Financial instruments consist principally of cash and cash equivalents, accounts receivable, loans receivable from related parties, accounts payable, taxes payable, and capital lease obligations. There were no transfers into or out of “Level 3” during the years ended February 28, 2017 or February 29, 2016. The recorded values of the capital lease approximate the current fair value based on the terms and conditions that the Company could currently negotiate. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

 

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statement. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

 

  h) Foreign Currency Translation

 

Management has adopted ASC 830, “Foreign Currency Translation Matters”, as the functional currency of the Company is the South African rand and the reporting currency is U.S. dollars. Assets and liabilities are translated into U.S. dollars at rates of exchange in effect at the balance sheet date. Average rates for the period are used to translate revenues and expenses. The cumulative translation adjustment is reported as a component of accumulated other comprehensive loss.

 

  i) Revenue Recognition

 

The Company derives revenue through licensing its software and by collecting various transaction fees from third party debit orders.

 

The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured.

 

The company has several revenue streams and they are recognized as below:

 

Branch Setup Fees

 

This is a once off cost that the company charges when a customer is onboarded. The billing occurs in the same month that the debit order is collected. This results in no accounts receivable at the end of the month.

 

Data Migration Fees.

 

This only applies to a customer applying to migrate client data from a previous system to our system. We invoice for this service as soon as data is successfully transferred, imported and verified by our customer and when transactions begin to occur. Revenue is recognized upon invoicing and payment is collected within two days due to debit order mandates signed by the customer as part of the agreement. This results in no outstanding accounts receivable as of the end of each month.

 

Monthly Rental Fees

 

Our software is made available on a web based software platform and is offered as software as a service. Our agreement is an evergreen agreement (auto-renewed) and if not terminated by a customer, remains intact. Termination may occur by either party at any point with 30 days’ notice. The monthly software rental fee is payable every month per branch. Monthly rental fees are payable in advance, are invoiced prior to the end of the month and is also collected prior to the end of each month due to debit order mandate signed by the customer. We record this as deferred revenue and recognize the revenue during the month of service. These deferred revenues are held in the customer control account, which is included in the AP section of our financial statements.

  

Development Service Fee

 

We have some clients that we do custom software development for, on some versions of our software. Here we adopt a scrum methodology with 2-week development sprints. We agreed on a price per hour for development with these clients. We send an invoice for the work completed and usually get paid within the same month. On this revenue stream we do not run a debit order, but a client needs to pay invoices before we continue with the next development increment. Payments are due upon invoicing but at times it can take up to 30 days. Any unpaid invoices, if any are recorded to accounts receivable at the end of each month, but invoicing and payment usually happen within the same month.

 

Transactional Fees

 

We offer an integrated debit order facility built into our software. When our client (lenders) creates loans with consumers, the consumer contracts directly with us on a separate agreement. We then act as a third-party payment provider, to facilitate the repayment of loans from the consumer to the lender by debit order.

 

We are registered as a third-party payment provider and all payments collected on this stream are settled by the bank directly into our bank account. We only charge a fee on successful debit order collections and retain that fee when we distribute funds collected on behalf of consumers. The transaction fees charged for these transactions are called CTC and they are displayed on the signed agreement that the consumer signs with us. The CTC fees are paid by the consumer, in addition to the loan installment collected. The loan installment and CTC are collected as one amount, but the CTC is retained by us upon distribution of funds to lenders. Our software system counts and accounts for each individual transaction and its amount and this is generated on a report on our Acpas software. We use this report for revenue recognition in our billing system. Revenue is recorded as a lump sum based on this report at the end of each month. If there are any CTC that still needs to be recognized at an end of a period, it will be recorded as accounts receivable.

 

Credit Protection Insurance Commission

 

Some insurance companies offer insurance products on loans that cover the consumer for the full repayment of his debt to the lender, in case of unforeseen events. There is an insurance product from one of our suppliers (an insurance company) that we make available for the insurance company on our software program. In return for making this product available the insurance company would pay us monthly commission on premiums they received. This is a product offered by the insurance company directly to the consumer and we only make it available on our software platform. If this option is selected when a loan is created, an additional fee is added to the loan repayment amount. The software system calculates the insurance premiums and all premiums for a given month are paid by lenders to the insurance company, or lenders use our payment service and instruct us to manage the payments on their behalf.

 

After receiving the premiums and supporting reports, the insurance company will then calculate and verify the premiums paid and premium claw back to the point and work out the commission payable based on the premiums received. The insurance company will then pay all commissions earned by us and our clients. Commissions are not earned until collection of the premiums from the consumers and the remittance of the premiums to the insurance company and when the insurance company did their final calculations. We distribute the commission amounts due to our customers within two days of receiving such payments from the insurance company.

 

  j) Stock-based Compensation

 

The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” and ASC 505, “Equity Based Payments to Non-Employees”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

  

  k) Comprehensive Income (Loss)

 

ASC 220, “Comprehensive Income”, establishes standards for the reporting and display of comprehensive income (loss) and its components in the financial statements. As at February 28, 2017 and February 29, 2016, the only item that represents comprehensive income (loss) was foreign currency translation.

  

  l) Earnings (Loss) Per Share

 

The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share on the face of the statement of operations. EPS is calculated using the weighted-average number of common shares outstanding during the period. Diluted EPS if applicable is calculated by dividing net income available to common stockholders for the period by the diluted weighted-average number of common shares outstanding during the period. Diluted EPS would reflect the potential dilution from common shares issuable through stock options, performance-based restricted stock units that have satisfied their performance factor and restricted stock units using the treasury stock method.

 

  m) Income Taxes

 

In accordance with FASB ASC 740, “Income Taxes” (“ASC 740”), deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. The Company has recorded a valuation allowance against its deferred tax assets based on the history of losses incurred.

 

ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position would be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. As of February 28, 2017 and February 29, 2016, the Company does not have a liability for any unrecognized tax benefits.

 

All tax periods from inception remain open to examination by taxing authorities due to the net operating losses. To date the Company’s acquired subsidiaries have not filed the required income tax returns.

 

  n) Going Concern

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, 2017, the Company does not have revenues sufficient to execute its business plan. The Company intends to fund operations through equity financing arrangements. There is no assurance that this will be successful.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

  o) Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

XML 21 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition of Rent Pay (Pty) Ltd
12 Months Ended
Feb. 28, 2017
Business Combinations [Abstract]  
Acquisition of Rent Pay (Pty) Ltd
3. Acquisition of Rent Pay (Pty) Ltd

 

On November 4, 2015, the Company entered into a Share Exchange Agreement with Rent Pay, a private company that is incorporated and operates principally in South Africa. Pursuant to the Share Exchange Agreement, the Company acquired 100% of the issued and outstanding common stock of Rent Pay in exchange for 200,000 common shares.

 

Prior to the completion of the Share Exchange Agreement, the operations of the Company were insignificant and consisted only of the issuance of common stock (18,050,000 shares to founders for services valued at $24,067 and 3,750,000 shares for cash of $5,000). As a result, the acquisition was accounted for as a reverse acquisition with Rent Pay deemed the accounting acquirer and the Company deemed the accounting acquiree. The reverse acquisition was a capital transaction in substance and therefore has been accounted for as a recapitalization, wherein the consolidated financial statements represent the continuation of the financial statements of Rent Pay (the accounting acquirer/legal subsidiary) except for its capital structure. Assets acquired and liabilities assumed are reported at their historical amounts. These consolidated financial statements include the accounts of the Company since the effective date of the recapitalization and the historical accounts of Rent Pay since inception.

 

The assets acquired and liabilities assumed from UPAY, Inc. are as follows:

 

Cash     $ 5,000  
           
Total     $ 5,000  
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Receivable from Related Parties
12 Months Ended
Feb. 28, 2017
Related Party Transactions [Abstract]  
Loans Receivable from Related Parties
4. Loans Receivable from Related Parties

 

  a) As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $4,807) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.

 

  b) As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $393) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.

 

  c) As at February 28, 2017, the Company is owed $0 (February 29, 2016 - $493) from a company with common directorship with the Company, which is non-interest bearing, unsecured and due on demand.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment, Net
12 Months Ended
Feb. 28, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
5. Property and Equipment, Net

 

Property and equipment, net, consists of the following:

 

    Cost     Accumulated
Depreciation
    February 28,
2017
Net Carrying Value 
    February 29,
2016
Net Carrying Value
 
                         
IT equipment   $ 3,936     $ (1,212 )   $ 2,724     $ 326  
Motor vehicle     21,165       (17,837 )     3,328       6,128  
Furniture and fixtures     2,755       (1,744 )     1,011       1,192  
Office equipment     2,441       (577 )     1,864       1,363  
                                 
Total   $ 30,297     $ (21,370 )   $ 8,927     $ 9,009  

 

During the year ended February 28, 2017, the Company recorded depreciation expense of $5,415 (February 29, 2016 - $4,946).

XML 24 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock
12 Months Ended
Feb. 28, 2017
Equity [Abstract]  
Common Stock
6. Common Stock

 

On October 1, 2015, the Company issued 18,050,000 shares of common stock to its founders at $.0013 per share pursuant to the recapitalization discussed in Note 3. These shares have been considered outstanding for all periods presented in these financial statements.

 

During November 2015, the Company issued 3,750,000 shares of common stock for cash at $.0013 per share for proceeds of $5,000.

 

During November 2015 the Company issued 200,000 shares of common stock valued at $0.10 per share pursuant to a share exchange agreement (See Note 3).

 

During the period from November 2015 through February 2016 the Company issued 870,860 shares of common stock pursuant to a private placement at $0.10 per share for proceeds of $87,086 and 27,450 shares of common stock for a stock subscription receivable of $2,745.

 

On April 26, 2016, the Company issued 30,000 shares of common stock with a fair value of $3,000 pursuant to a website service agreement that the Company entered into on January 1, 2016.

 

On June 15, 2016, the Company issued 300,000 restricted shares of common stock with a fair value of $30,000, pursuant to a Consulting Agreement entered into on June 3, 2016, for two years of business advisory services commencing on the date of issuance (see Note 7).

 

On January 10, 2017, the Company issued 100,000 shares of common stock with a fair value of $10,000 pursuant to a consultancy agreement which stipulated that the shares would only be issued if the Company’s registration statement on Form S-1 was declared effective by the Securities and Exchange Commission.

 

During the period from March 2016 through February 2017 the Company issued 575,000 shares of common stock pursuant to a private placement at $0.10 per share for proceeds of $57,500. In addition, 12,000 shares of common stock were issued which were subscribed for and paid for at February 29, 2016.

XML 25 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments
12 Months Ended
Feb. 28, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments
7. Commitments

 

On November 11, 2015, the Company entered into a lease agreement for renting office space in South Africa. The term of the lease is for two years commencing March 1, 2016. The monthly base rate is $685 (R8,918) in the first year and increases to $754 (R9,809) in the second year of the lease. Lease expense for the year ended February 28, 2017 was $7,300 (February 29, 2016 - $7,395).

 

On April 18, 2016, the Company entered into a lease agreement for renting office space in Dallas, Texas. The term of the lease is for one year commencing May 1, 2016, and the monthly base rate is $715. Lease expense for the year ended February 28, 2017 was $11,178 (February 29, 2016 - $0).

 

As of February 28, 2017, the future lease commitments are:

 

Year     Operating Lease
Commitments 
 
         
2018     $ 12,745  

 

On June 1, 2015 the Company entered into Consultancy Agreements with two consultants whereby the consultants will assist the Company with the filing of the S-1 Registration Statement of the Company. In consideration for these services the Company will issue to each consultant 10,000 cashless warrants within ten days of the Company receiving an effectiveness notice of the S-1 filing from the Securities and Exchange Commission. The warrants have an exercise price of $5.00 and are exercisable for a two-year period following their issuance. As of February 28, 2017, the warrants have not been issued.

 

On January 18, 2016, the Company entered into a Software Services Agreement whereby a company will provide services to develop software in consideration for 1,800,000 restricted shares of common stock to be issued within ten days of the completion of the software development. As of February 28, 2017, the services and software have not been completed.

 

On June 3, 2016, the Company entered into a Consultancy Agreement for business advisory services in consideration for 300,000 restricted shares of common stock and 2,000,000 cashless warrants that have an exercise price of $3.50 and an exercise period of two years following the effectiveness notice of the S-1 filing from the Securities and Exchange Commission. As of February 28, 2017, the stocks and warrants have not been issued.

 

There is currently no ongoing litigation or legal challenges against the Company.

XML 26 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations
12 Months Ended
Feb. 28, 2017
Risks and Uncertainties [Abstract]  
Concentrations
8. Concentrations

 

The Company’s revenues were concentrated among two customers for the year ended February 28, 2017 and three customers for the year ended February 29, 2016:

 

Customer    

February 28, 

2017 

 
         
1       37 %
2       29 %

 

Customer     February 29,
2016
 
         
2       33 %
3       21 %
1       14 %

 

The Company’s receivables were concentrated among two customers as at February 28, 2017, and three customers as at February 29, 2016:

 

Customer     February 28,
2017
 
         
1       53 %
2       16 %
           
Customer     February 29,
2016
 
         
1       24 %
3       21 %
2       10 %
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes
12 Months Ended
Feb. 28, 2017
Income Tax Disclosure [Abstract]  
Income Taxes
9. Income Taxes

 

The potential benefit of net operating losses for the Company have not been recognized in the financial statements because the Company cannot be assured that it is more likely than not that it will utilize the net operating losses carried forward in future years. The Company did not incur any income tax expense to the Internal Revenue Services for the years ended February 28, 2017, or 2016. However, Rent Pay did have income tax expense of $11,677 to the South African Revenue Services for the year ended February 28, 2017 (2016 – $3,570). Given the short history of the Company and the uncertainty as to the likelihood of future taxable income, the Company has recorded a 100% valuation reserve against the anticipated recovery from the use of the net operating losses. The Company will evaluate the appropriateness of the valuation allowance on an annual basis and adjust the allowance as considered necessary. The Company’s US net operating loss is approximately $113,000 at February 28, 2017, which starts to expire in 2036.

  

The table below reconciles the US federal income tax rate to the effective rate for the years ended February 28, 2017 and February 29, 2016.

 

2017

 

Income Tax at Statutory Rate     (34 )%
Effect of Operating Losses     34 %
Foreign Income Tax     18 %
      18 %

2016

 

Income Tax at Statutory Rate     (34 )%
Effect of Operating Losses     34 %
Foreign Income Tax     (44 )%
      (44 )%
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
12 Months Ended
Feb. 28, 2017
Subsequent Events [Abstract]  
Subsequent Events

10.

Subsequent Events

 

On April 16, 2018, pursuant to an Asset Purchase Agreement, the Company acquired software named “Theme Studio” from Twin Harbor Web Solutions in exchange for 2 000 000 common stock shares of the Company.

 

The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of February 28, 2017, have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Feb. 28, 2017
Accounting Policies [Abstract]  
Basis of Presentation

  a) Basis of Presentation

 

These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company’s fiscal year end is February 28. The Financial statements include the accounts of the Company and its subsidiary Rent Pay. All significant intercompany transactions and accounts have been eliminated in consolidation.

Use of Estimates

  b) Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash and Cash Equivalents

  c) Cash and Cash Equivalents

 

Cash includes cash on hand and cash held with banks. The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.

Accounts Receivable

  d) Accounts Receivable

 

Trade accounts receivable are recorded at net invoice value and such receivables are non-interest bearing. Receivables are considered past due based on the contractual payment terms. Receivables are reviewed and specific amounts are reserved if collectability is no longer reasonably assured. The Company did not make any allowance for bad or doubtful debt as of February 28, 2017 or February 29, 2016 in as it is very rare for the company not to receive all its accounts receivable, as all payments are collected by debit order.

Property and Equipment

  e) Property and Equipment

 

Property and equipment are stated at cost, less accumulated depreciation and any impairment in value. Depreciation is computed using the straight-line method over the following estimated lives of the assets:

 

IT equipment       3 years
Motor vehicles       5 years
Office equipment       5 years
Furniture and fixtures       6 years

 

The Company periodically performs impairment testing on its long-lived assets either annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360. All long-lived assets were deemed recoverable at February 28, 2017, and February 29, 2016.

Leases

  f) Leases

 

Leases are reviewed and classified as capital or operating at their inception. Capital leases are recognized as assets and liabilities in the balance sheet at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a capital lease obligation. Lease payments are apportioned between interest and reduction off the outstanding liability. The interest is allocated to each period during the lease terms so as to produce a constant periodic rate on the remaining balance of the liability.

Fair Value of Financial Instruments

  g) Fair Value of Financial Instruments

 

The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy in accordance with ASC 820, “Fair Value Measurements and Disclosures”. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows:

 

Level 1 – quoted prices for identical instruments in active markets.

 

Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets.

 

Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

Financial instruments consist principally of cash and cash equivalents, accounts receivable, loans receivable from related parties, accounts payable, taxes payable, and capital lease obligations. There were no transfers into or out of “Level 3” during the years ended February 28, 2017 or February 29, 2016. The recorded values of the capital lease approximate the current fair value based on the terms and conditions that the Company could currently negotiate. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

 

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statement. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Foreign Currency Translation

  h) Foreign Currency Translation

 

Management has adopted ASC 830, “Foreign Currency Translation Matters”, as the functional currency of the Company is the South African rand and the reporting currency is U.S. dollars. Assets and liabilities are translated into U.S. dollars at rates of exchange in effect at the balance sheet date. Average rates for the period are used to translate revenues and expenses. The cumulative translation adjustment is reported as a component of accumulated other comprehensive loss.

Revenue Recognition

  i) Revenue Recognition

 

The Company derives revenue through licensing its software and by collecting various transaction fees from third party debit orders.

 

The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured.

 

The company has several revenue streams and they are recognized as below:

 

Branch Setup Fees

 

This is a once off cost that the company charges when a customer is onboarded. The billing occurs in the same month that the debit order is collected. This results in no accounts receivable at the end of the month.

 

Data Migration Fees.

 

This only applies to a customer applying to migrate client data from a previous system to our system. We invoice for this service as soon as data is successfully transferred, imported and verified by our customer and when transactions begin to occur. Revenue is recognized upon invoicing and payment is collected within two days due to debit order mandates signed by the customer as part of the agreement. This results in no outstanding accounts receivable as of the end of each month.

 

Monthly Rental Fees

 

Our software is made available on a web based software platform and is offered as software as a service. Our agreement is an evergreen agreement (auto-renewed) and if not terminated by a customer, remains intact. Termination may occur by either party at any point with 30 days’ notice. The monthly software rental fee is payable every month per branch. Monthly rental fees are payable in advance, are invoiced prior to the end of the month and is also collected prior to the end of each month due to debit order mandate signed by the customer. We record this as deferred revenue and recognize the revenue during the month of service. These deferred revenues are held in the customer control account, which is included in the AP section of our financial statements.

  

Development Service Fee

 

We have some clients that we do custom software development for, on some versions of our software. Here we adopt a scrum methodology with 2-week development sprints. We agreed on a price per hour for development with these clients. We send an invoice for the work completed and usually get paid within the same month. On this revenue stream we do not run a debit order, but a client needs to pay invoices before we continue with the next development increment. Payments are due upon invoicing but at times it can take up to 30 days. Any unpaid invoices, if any are recorded to accounts receivable at the end of each month, but invoicing and payment usually happen within the same month.

 

Transactional Fees

 

We offer an integrated debit order facility built into our software. When our client (lenders) creates loans with consumers, the consumer contracts directly with us on a separate agreement. We then act as a third-party payment provider, to facilitate the repayment of loans from the consumer to the lender by debit order.

 

We are registered as a third-party payment provider and all payments collected on this stream are settled by the bank directly into our bank account. We only charge a fee on successful debit order collections and retain that fee when we distribute funds collected on behalf of consumers. The transaction fees charged for these transactions are called CTC and they are displayed on the signed agreement that the consumer signs with us. The CTC fees are paid by the consumer, in addition to the loan installment collected. The loan installment and CTC are collected as one amount, but the CTC is retained by us upon distribution of funds to lenders. Our software system counts and accounts for each individual transaction and its amount and this is generated on a report on our Acpas software. We use this report for revenue recognition in our billing system. Revenue is recorded as a lump sum based on this report at the end of each month. If there are any CTC that still needs to be recognized at an end of a period, it will be recorded as accounts receivable.

 

Credit Protection Insurance Commission

 

Some insurance companies offer insurance products on loans that cover the consumer for the full repayment of his debt to the lender, in case of unforeseen events. There is an insurance product from one of our suppliers (an insurance company) that we make available for the insurance company on our software program. In return for making this product available the insurance company would pay us monthly commission on premiums they received. This is a product offered by the insurance company directly to the consumer and we only make it available on our software platform. If this option is selected when a loan is created, an additional fee is added to the loan repayment amount. The software system calculates the insurance premiums and all premiums for a given month are paid by lenders to the insurance company, or lenders use our payment service and instruct us to manage the payments on their behalf.

 

After receiving the premiums and supporting reports, the insurance company will then calculate and verify the premiums paid and premium claw back to the point and work out the commission payable based on the premiums received. The insurance company will then pay all commissions earned by us and our clients. Commissions are not earned until collection of the premiums from the consumers and the remittance of the premiums to the insurance company and when the insurance company did their final calculations. We distribute the commission amounts due to our customers within two days of receiving such payments from the insurance company.

Stock-based Compensation

  j) Stock-based Compensation

 

The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” and ASC 505, “Equity Based Payments to Non-Employees”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  

Comprehensive Income (Loss)

  k) Comprehensive Income (Loss)

 

ASC 220, “Comprehensive Income”, establishes standards for the reporting and display of comprehensive income (loss) and its components in the financial statements. As at February 28, 2017 and February 29, 2016, the only item that represents comprehensive income (loss) was foreign currency translation.

Earnings (Loss) Per Share

  l) Earnings (Loss) Per Share

 

The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share on the face of the statement of operations. EPS is calculated using the weighted-average number of common shares outstanding during the period. Diluted EPS if applicable is calculated by dividing net income available to common stockholders for the period by the diluted weighted-average number of common shares outstanding during the period. Diluted EPS would reflect the potential dilution from common shares issuable through stock options, performance-based restricted stock units that have satisfied their performance factor and restricted stock units using the treasury stock method.

Income Taxes

  m) Income Taxes

 

In accordance with FASB ASC 740, “Income Taxes” (“ASC 740”), deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. The Company has recorded a valuation allowance against its deferred tax assets based on the history of losses incurred.

 

ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position would be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. As of February 28, 2017 and February 29, 2016, the Company does not have a liability for any unrecognized tax benefits.

 

All tax periods from inception remain open to examination by taxing authorities due to the net operating losses. To date the Company’s acquired subsidiaries have not filed the required income tax returns.

Going Concern

  n) Going Concern

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, 2017, the Company does not have revenues sufficient to execute its business plan. The Company intends to fund operations through equity financing arrangements. There is no assurance that this will be successful.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Recent Accounting Pronouncements

  o) Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

XML 30 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition of Rent Pay (Pty) Ltd (Tables)
12 Months Ended
Feb. 28, 2017
Business Combinations [Abstract]  
Schedule of assets acquired and liabilities assumed

The assets acquired and liabilities assumed from UPAY, Inc. are as follows:

 

Cash     $ 5,000  
           
Total     $ 5,000  
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment, Net (Tables)
12 Months Ended
Feb. 28, 2017
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

Property and equipment, net, consists of the following:

 

    Cost     Accumulated
Depreciation
    February 28,
2017
Net Carrying Value 
    February 29,
2016
Net Carrying Value
 
                         
IT equipment   $ 3,936     $ (1,212 )   $ 2,724     $ 326  
Motor vehicle     21,165       (17,837 )     3,328       6,128  
Furniture and fixtures     2,755       (1,744 )     1,011       1,192  
Office equipment     2,441       (577 )     1,864       1,363  
                                 
Total   $ 30,297     $ (21,370 )   $ 8,927     $ 9,009  
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Tables)
12 Months Ended
Feb. 28, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases

As of February 28, 2017, the future lease commitments are:

 

Year     Operating Lease
Commitments 
 
         
2018     $ 12,745  
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations (Tables)
12 Months Ended
Feb. 28, 2017
Risks and Uncertainties [Abstract]  
Schedules of Concentration of Risk, by Risk Factor

The Company’s revenues were concentrated among two customers for the year ended February 28, 2017 and three customers for the year ended February 29, 2016:

 

Customer    

February 28, 

2017 

 
         
1       37 %
2       29 %

 

Customer     February 29,
2016
 
         
2       33 %
3       21 %
1       14 %

 

The Company’s receivables were concentrated among two customers as at February 28, 2017, and three customers as at February 29, 2016:

 

Customer     February 28,
2017
 
         
1       53 %
2       16 %
           
Customer     February 29,
2016
 
         
1       24 %
3       21 %
2       10 %
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Feb. 28, 2017
Income Tax Disclosure [Abstract]  
Schedule of US federal income tax rate to the effective rate

The table below reconciles the US federal income tax rate to the effective rate for the years ended February 28, 2017 and February 29, 2016.

 

2017

 

Income Tax at Statutory Rate     (34 )%
Effect of Operating Losses     34 %
Foreign Income Tax     18 %
      18 %

2016

 

Income Tax at Statutory Rate     (34 )%
Effect of Operating Losses     34 %
Foreign Income Tax     (44 )%
      (44 )%
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of Operations and Continuance of Business (Details Textual)
Nov. 04, 2015
shares
Share Exchange Agreement [Member] | Rent Pay Pty Ltd [Member]  
Business Acquisition, Equity Interests Issued or Issuable [Line Items]  
Number of Shares issued for business acquisition 200,000
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details)
12 Months Ended
Feb. 28, 2017
IT equipment [Member]  
Estimated lives of the assets P3Y
Motor vehicles [Member]  
Estimated lives of the assets P5Y
Office Equipment [Member]  
Estimated lives of the assets P5Y
Furniture and Fixtures [Member]  
Estimated lives of the assets P6Y
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition of Rent Pay (Pty) Ltd (Details) - Share Exchange Agreement [Member] - Rent Pay Pty Ltd [Member]
Nov. 04, 2015
USD ($)
Cash $ 5,000
Total $ 5,000
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition of Rent Pay (Pty) Ltd (Details Textual) - USD ($)
12 Months Ended
Nov. 04, 2015
Nov. 03, 2015
Feb. 28, 2017
Feb. 29, 2016
Number of shares issued for services, value     $ 43,000  
Number of shares issued, value     $ 61,445 $ 92,086
Rent Pay Pty Ltd [Member]        
Number of shares issued for services (in shares)   18,050,000    
Number of shares issued for services, value   $ 24,067    
Number of shares issued (in shares)   3,750,000    
Number of shares issued, value   $ 5,000    
Share Exchange Agreement [Member] | Rent Pay Pty Ltd [Member]        
Percentage of ownership aquired 100.00%      
Number of Shares issued for business acquisition (in shares) 200,000      
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Receivable from Related Parties (Details Textual) - USD ($)
Feb. 28, 2017
Feb. 29, 2016
Related Party Transaction [Line Items]    
Due from related parties $ 5,693
Related Party One [Member]    
Related Party Transaction [Line Items]    
Due from related parties 0 4,807
Related Party Two [Member]    
Related Party Transaction [Line Items]    
Due from related parties 0 393
Related Party Three [Member]    
Related Party Transaction [Line Items]    
Due from related parties $ 0 $ 493
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment, Net (Details) - USD ($)
Feb. 28, 2017
Feb. 29, 2016
Property, Plant and Equipment [Line Items]    
Cost $ 30,297  
Accumulated depreciation (21,370)  
Net Carrying Value 8,927 $ 9,009
IT equipment [Member]    
Property, Plant and Equipment [Line Items]    
Cost 3,936  
Accumulated depreciation (1,212)  
Net Carrying Value 2,724 326
Motor vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Cost 21,165  
Accumulated depreciation (17,837)  
Net Carrying Value 3,328 6,128
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Cost 2,755  
Accumulated depreciation (1,744)  
Net Carrying Value 1,011 1,192
Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Cost 2,441  
Accumulated depreciation (577)  
Net Carrying Value $ 1,864 $ 1,363
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment, Net (Details Textual) - USD ($)
12 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 5,415 $ 4,946
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock (Details Textual) - USD ($)
1 Months Ended 4 Months Ended 12 Months Ended
Jan. 10, 2017
Jun. 03, 2016
Oct. 01, 2015
Jun. 15, 2016
Apr. 26, 2016
Jan. 18, 2016
Nov. 30, 2015
Feb. 29, 2016
Feb. 28, 2017
Feb. 29, 2016
Number of shares issued for services, value                 $ 43,000  
Number of shares issued, value                 $ 61,445 $ 92,086
Private Placement [Member]                    
Common stock, shares subscribed (in shares)                 12,000  
Number of shares issued (in shares)               870,860 575,000  
Shares issued price per share (in dollars per share)               $ 0.10 $ 0.10 $ 0.10
Number of shares issued, value               $ 87,086 $ 57,500  
Stock subscription receivable (in shares)               27,450   27,450
Stock subscription receivable, value               $ 2,745   $ 2,745
Restricted Stock [Member]                    
Number of shares issued for services (in shares)   300,000       1,800,000        
Consulting Agreement [Member] | Restricted Stock [Member]                    
Number of shares issued for services (in shares)       300,000            
Number of shares issued for services, value       $ 30,000            
Common Stock [Member]                    
Number of shares issued for services (in shares)                 430,000  
Number of shares issued for services, value                 $ 430  
Number of shares issued (in shares)             3,750,000   587,000 4,648,310
Shares issued price per share (in dollars per share)             $ 0.0013      
Number of shares issued, value             $ 5,000   $ 587 $ 4,648
Common Stock [Member] | Founder [Member]                    
Number of shares issued for services (in shares)     18,050,000              
Shares issued price per share (in dollars per share)     $ 0.0013              
Common Stock [Member] | Website Service Agreement [Member]                    
Number of shares issued for services (in shares)         30,000          
Number of shares issued for services, value         $ 3,000          
Common Stock [Member] | Share Exchange Agreement [Member]                    
Number of shares issued (in shares)             200,000      
Shares issued price per share (in dollars per share)             $ 0.10      
Common Stock [Member] | Consultancy Agreement [Member]                    
Number of shares issued (in shares) 100,000                  
Number of shares issued, value $ 10,000                  
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details)
Feb. 28, 2017
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2018 $ 12,745
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Textual)
1 Months Ended 12 Months Ended
Jun. 03, 2016
$ / shares
shares
Nov. 11, 2015
Apr. 18, 2016
USD ($)
Jan. 18, 2016
shares
Jun. 01, 2015
$ / shares
shares
Feb. 28, 2017
USD ($)
Feb. 28, 2017
ZAR (R)
Feb. 29, 2016
USD ($)
Monthly base rate     $ 715          
Operating leases commencement date     May 01, 2016          
Operating leases contract term   2 years   1 year        
Exercise price (in dollars per share) | $ / shares $ 3.50       $ 5.00      
Number of warrants issued | shares 2,000,000       10,000      
Warrants exercisable term (in years) 2 years       2 years      
Restricted Stock [Member]                
Number of shares issued for services (in shares) | shares 300,000     1,800,000        
SOUTH AFRICA                
Operating lease expense           $ 7,300   $ 7,395
Operating leases commencement date   Mar. 01, 2016            
Dallas, Texas [Member]                
Operating lease expense           11,178   $ 0
First Year [Member]                
Monthly base rate           685    
First Year [Member] | SOUTH AFRICA                
Monthly base rate | R             R 8,918  
Second Year [Member]                
Monthly base rate           $ 754    
Second Year [Member] | SOUTH AFRICA                
Monthly base rate | R             R 9,809  
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations (Details)
12 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Sales Revenue, Net [Member] | Customer One [Member]    
Percentage of concentration risk 37.00% 14.00%
Sales Revenue, Net [Member] | Customer Two [Member]    
Percentage of concentration risk 29.00% 33.00%
Sales Revenue, Net [Member] | Customer Three [Member]    
Percentage of concentration risk   21.00%
Accounts Receivable [Member] | Customer One [Member]    
Percentage of concentration risk 53.00% 24.00%
Accounts Receivable [Member] | Customer Two [Member]    
Percentage of concentration risk 16.00% 10.00%
Accounts Receivable [Member] | Customer Three [Member]    
Percentage of concentration risk   21.00%
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details)
12 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Income Tax Disclosure [Abstract]    
Income Tax at Statutory Rate (34.00%) (34.00%)
Effect of Operating Losses 34.00% 34.00%
Foreign Income Tax 18.00% (44.00%)
Total 18.00% (44.00%)
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details Textual) - USD ($)
12 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Income Tax Disclosure [Abstract]    
Income tax expense $ 11,677 $ 3,570
Percentage of valuation reserve against the anticipated recovery 100.00%  
Net operating loss $ 113,000  
Operating loss expiration date 2036  
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Details Textual)
Apr. 16, 2018
shares
Subsequent Event [Member] | Asset Purchase Agreement [Member] | Theme Studio [Member] | Twin Harbor Web Solutions [Member]  
Number of shares issued 2,000,000
EXCEL 49 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 50 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 51 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 53 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 92 142 1 false 33 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://upaytechnology.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Balance Sheets Sheet http://upaytechnology.com/role/BalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://upaytechnology.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Operations and Comprehensive (Loss) Income Sheet http://upaytechnology.com/role/StatementsOfOperationsAndComprehensiveLossIncome Consolidated Statements of Operations and Comprehensive (Loss) Income Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statement of Stockholders' Equity and Accumulated Other Comprehensive Loss Sheet http://upaytechnology.com/role/StatementOfStockholdersEquityAndAccumulatedOtherComprehensiveLoss Consolidated Statement of Stockholders' Equity and Accumulated Other Comprehensive Loss Statements 5 false false R6.htm 00000006 - Statement - Consolidated Statements of Cash Flows Sheet http://upaytechnology.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows Statements 6 false false R7.htm 00000007 - Disclosure - Nature of Operations and Continuance of Business Sheet http://upaytechnology.com/role/NatureOfOperationsAndContinuanceOfBusiness Nature of Operations and Continuance of Business Notes 7 false false R8.htm 00000008 - Disclosure - Summary of Significant Accounting Policies Sheet http://upaytechnology.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 8 false false R9.htm 00000009 - Disclosure - Acquisition of Rent Pay (Pty) Ltd Sheet http://upaytechnology.com/role/AcquisitionOfRentPayPtyLtd Acquisition of Rent Pay (Pty) Ltd Notes 9 false false R10.htm 00000010 - Disclosure - Loans Receivable from Related Parties Sheet http://upaytechnology.com/role/LoansReceivableFromRelatedParties Loans Receivable from Related Parties Notes 10 false false R11.htm 00000011 - Disclosure - Property and Equipment, Net Sheet http://upaytechnology.com/role/PropertyAndEquipmentNet Property and Equipment, Net Notes 11 false false R12.htm 00000012 - Disclosure - Common Stock Sheet http://upaytechnology.com/role/CommonStock Common Stock Notes 12 false false R13.htm 00000013 - Disclosure - Commitments Sheet http://upaytechnology.com/role/Commitments Commitments Notes 13 false false R14.htm 00000014 - Disclosure - Concentrations Sheet http://upaytechnology.com/role/Concentrations Concentrations Notes 14 false false R15.htm 00000015 - Disclosure - Income Taxes Sheet http://upaytechnology.com/role/IncomeTaxes Income Taxes Notes 15 false false R16.htm 00000016 - Disclosure - Subsequent Events Sheet http://upaytechnology.com/role/SubsequentEvents Subsequent Events Notes 16 false false R17.htm 00000017 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://upaytechnology.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://upaytechnology.com/role/SummaryOfSignificantAccountingPolicies 17 false false R18.htm 00000018 - Disclosure - Acquisition of Rent Pay (Pty) Ltd (Tables) Sheet http://upaytechnology.com/role/AcquisitionOfRentPayPtyLtdTables Acquisition of Rent Pay (Pty) Ltd (Tables) Tables http://upaytechnology.com/role/AcquisitionOfRentPayPtyLtd 18 false false R19.htm 00000019 - Disclosure - Property and Equipment, Net (Tables) Sheet http://upaytechnology.com/role/PropertyAndEquipmentNetTables Property and Equipment, Net (Tables) Tables http://upaytechnology.com/role/PropertyAndEquipmentNet 19 false false R20.htm 00000020 - Disclosure - Commitments and Contingencies (Tables) Sheet http://upaytechnology.com/role/CommitmentsAndContingenciesTables Commitments and Contingencies (Tables) Tables 20 false false R21.htm 00000021 - Disclosure - Concentrations (Tables) Sheet http://upaytechnology.com/role/ConcentrationsTables Concentrations (Tables) Tables http://upaytechnology.com/role/Concentrations 21 false false R22.htm 00000022 - Disclosure - Income Taxes (Tables) Sheet http://upaytechnology.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://upaytechnology.com/role/IncomeTaxes 22 false false R23.htm 00000023 - Disclosure - Nature of Operations and Continuance of Business (Details Textual) Sheet http://upaytechnology.com/role/NatureOfOperationsAndContinuanceOfBusinessDetailsTextual Nature of Operations and Continuance of Business (Details Textual) Details http://upaytechnology.com/role/NatureOfOperationsAndContinuanceOfBusiness 23 false false R24.htm 00000024 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://upaytechnology.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://upaytechnology.com/role/SummaryOfSignificantAccountingPoliciesPolicies 24 false false R25.htm 00000025 - Disclosure - Acquisition of Rent Pay (Pty) Ltd (Details) Sheet http://upaytechnology.com/role/AcquisitionOfRentPayPtyLtdDetails Acquisition of Rent Pay (Pty) Ltd (Details) Details http://upaytechnology.com/role/AcquisitionOfRentPayPtyLtdTables 25 false false R26.htm 00000026 - Disclosure - Acquisition of Rent Pay (Pty) Ltd (Details Textual) Sheet http://upaytechnology.com/role/AcquisitionOfRentPayPtyLtdDetailsTextual Acquisition of Rent Pay (Pty) Ltd (Details Textual) Details http://upaytechnology.com/role/AcquisitionOfRentPayPtyLtdTables 26 false false R27.htm 00000027 - Disclosure - Loans Receivable from Related Parties (Details Textual) Sheet http://upaytechnology.com/role/LoansReceivableFromRelatedPartiesDetailsTextual Loans Receivable from Related Parties (Details Textual) Details http://upaytechnology.com/role/LoansReceivableFromRelatedParties 27 false false R28.htm 00000028 - Disclosure - Property and Equipment, Net (Details) Sheet http://upaytechnology.com/role/PropertyAndEquipmentNetDetails Property and Equipment, Net (Details) Details http://upaytechnology.com/role/PropertyAndEquipmentNetTables 28 false false R29.htm 00000029 - Disclosure - Property and Equipment, Net (Details Textual) Sheet http://upaytechnology.com/role/PropertyAndEquipmentNetDetailsTextual Property and Equipment, Net (Details Textual) Details http://upaytechnology.com/role/PropertyAndEquipmentNetTables 29 false false R30.htm 00000030 - Disclosure - Common Stock (Details Textual) Sheet http://upaytechnology.com/role/CommonStockDetailsTextual Common Stock (Details Textual) Details http://upaytechnology.com/role/CommonStock 30 false false R31.htm 00000031 - Disclosure - Commitments and Contingencies (Details) Sheet http://upaytechnology.com/role/CommitmentsAndContingenciesDetails Commitments and Contingencies (Details) Details http://upaytechnology.com/role/CommitmentsAndContingenciesTables 31 false false R32.htm 00000032 - Disclosure - Commitments and Contingencies (Details Textual) Sheet http://upaytechnology.com/role/CommitmentsAndContingenciesDetailsTextual Commitments and Contingencies (Details Textual) Details http://upaytechnology.com/role/CommitmentsAndContingenciesTables 32 false false R33.htm 00000033 - Disclosure - Concentrations (Details) Sheet http://upaytechnology.com/role/ConcentrationsDetails Concentrations (Details) Details http://upaytechnology.com/role/ConcentrationsTables 33 false false R34.htm 00000034 - Disclosure - Income Taxes (Details) Sheet http://upaytechnology.com/role/IncomeTaxesDetails Income Taxes (Details) Details http://upaytechnology.com/role/IncomeTaxesTables 34 false false R35.htm 00000035 - Disclosure - Income Taxes (Details Textual) Sheet http://upaytechnology.com/role/IncomeTaxesDetailsTextual Income Taxes (Details Textual) Details http://upaytechnology.com/role/IncomeTaxesTables 35 false false R36.htm 00000036 - Disclosure - Subsequent Events (Details Textual) Sheet http://upaytechnology.com/role/SubsequentEventsDetailsTextual Subsequent Events (Details Textual) Details http://upaytechnology.com/role/SubsequentEvents 36 false false All Reports Book All Reports cik1677897-20170228.xml cik1677897-20170228.xsd cik1677897-20170228_cal.xml cik1677897-20170228_def.xml cik1677897-20170228_lab.xml cik1677897-20170228_pre.xml http://fasb.org/us-gaap/2017-01-31 http://xbrl.sec.gov/dei/2014-01-31 http://xbrl.sec.gov/country/2017-01-31 true true ZIP 55 0001552781-18-000282-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001552781-18-000282-xbrl.zip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end