Notes Payable

6 Months Ended

Aug. 31, 2022

Debt Disclosure [Abstract]

Notes Payable

7. Notes Payable

a) On May 20, 2020, the Company entered into a promissory note with a third-party lender for $25,000, which is unsecured, bears interest of 10% per annum and matured on May 20, 2021. During the year ended February 28, 2022, an addendum was entered into to extend the maturity date to May 20, 2023. As at August 31, 2022, the Company has recognized accrued interest of $5,705 (February 28, 2022 – $4,445), which is included in accounts payable and accrued liabilities.

b) On May 27, 2020, the Company entered into a promissory note with the U.S. Small Business Administration for $77,800, which is secured by the assets of the Company, bears interest of 3.75% per annum and matures on May 27, 2050. Instalment payments, including principal and interest, of $380 per month will begin 12 months from the date of the promissory note. As at August 31, 2022, the Company has recognized accrued interest of $5,822 (February 28, 2022 – $4,352), which is included in accounts payable and accrued liabilities.

c) On October 22, 2021, the Company entered into a promissory note with a third-party lender for $25,500, which is unsecured, bears interest of 10% per annum and matured on April 26, 2022. As at August 31, 2022, the Company has recognized accrued interest of $2,187 (February 28, 2022 – $901) which is included in accounts payable and accrued liabilities.