US Operational Cost/Restructuring of Operations

12 Months Ended

Feb. 28, 2022

Restructuring and Related Activities [Abstract]

US Operational Cost/Restructuring of Operations

14. US Operational Cost/Restructuring of Operations

In order to reduce the cost of the Company’s US operations, the Company decided to close its sales office in Grapevine Texas and to only keep the registered Dallas office. As of February 2022, the Company will no longer drive US operations because apart from the one client the Company has in Texas, which is derived from the Company’s South Africa support centre, the Company will focus on its Africa based expansion in the near future.

There are no assets or liabilities applicable to the Company’s US operations for its fiscal year ended February 28, 2022 or its fiscal year February 28, 2021.

We derived no revenues from the Company’s US operations for its fiscal year ended February 28, 2022 or its fiscal year ended February 28, 2021.

The Company has total General and Administrative Expenses of $1,221,079 for its fiscal year ended February 28, 2022, $120,611 of which represents the Company’s former Chief Executive Officer’s salary during fiscal year 2022 and $11,379 of which represents the Company’s total rent expense for its sales office in Grapevine, Texas.

The Company has total General and Administrative Expenses of $929,441 for its fiscal year ended February 28, 2021, the following of which is applicable to the Company’s US operations: (a) $116,311 representing the Company’s former Chief Executive Officer’s salary during fiscal year 2021; (b) a bonus of $3,551 paid to our former CEO during fiscal year 2021; and (c) $11,379 of total rent expense for the Company’s sales office in Grapevine, Texas.