Due to Related Parties

12 Months Ended

Feb. 28, 2022

Related Party Transactions [Abstract]

Due to Related Parties

6. Due to Related Parties

a) On March 24, 2021, the Company entered into a promissory note with the Chief Executive Officer (“CEO”) of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matures on March 24, 2022. As at February 28, 2022, the Company has recognized accrued interest of $934, which is included in due to related parties. As at the date of filing, the note has not been repaid.

b) On April 14, 2021, the Company entered into a promissory note with a third-party lender, who became a Director of the Company on October 11, 2021, for $15,000, which was unsecured, bore interest of 10% per annum and matured on October 13, 2021. During the year ended February 28, 2022, the Director sold the promissory note to a third-party lender (note 7(d)) and any accrued interest was transferred to the lender.

c) On September 7, 2021, the Company entered into a promissory note with the former CEO of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matures on March 7, 2022. As at February 28, 2022, the Company has recognized accrued interest of $477, which is included in due to related parties. On March 2, 2022, the promissory note and accrued interest were forgiven as part of the Share Purchase and Separation Agreement described in Note 11.

d) As at February 28, 2022, the Company owed $1,170 (2021 – $nil) to the former CEO of the Company for expenses incurred or expensed paid on behalf of the Company, which is non-interest bearing, unsecured and due on demand. On March 2, 2022, these expenses were forgiven as part of the Share Purchase and Separation Agreement described in Note 11.

e) On September 7, 2021, the Company entered into a promissory note with the CEO of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matures on March 7, 2022. As at February 28, 2022, the Company has recognized accrued interest of $477, which is included in due to related parties. As at the date of filing, the note has not been repaid.

f) On February 11, 2022, the Company entered into a promissory note with the CEO of the Company for $20,000, which is unsecured, bears interest of 10% per annum and matures on February 11, 2023. As at February 28, 2022, the Company has recognized accrued interest of $93, which is included in due to related parties. As at the date of filing, the note has not been repaid.

g) During the year ended February 28, 2022, the Company incurred salary expenses of $120,611 (2021 – $119,863) to the former CEO of the Company.

h) During the year ended February 28, 2022, the Company incurred salary expenses of $124,990 (R1,853,205) (2021 – $115,409 (R1,848,321 and $2,750)) to the CEO of the Company.

i) During the year ended February 28, 2022, the Company incurred directors’ fees of $25,000 (2021 – $nil) to a Director of the Company.