3. EQUITY

9 Months Ended

Nov. 30, 2020

Equity [Abstract]

EQUITY

Stock Split

On July 27, 2020, the Company effected a 20-for-1 stock split of its common stock in the form of a stock dividend. The Company has retroactively restated its stockholders’ equity section by increasing common stock and decreasing additional paid in capital for the par value of the shares to show the impact of the 20-to-1 increase in number of shares outstanding.

Incentive Stock Options

On August 8, 2020, we granted non-qualified stock options to purchase up to 3,000,000 shares of our common stock at the exercise price of $.50 per share for a ten-year term to certain of our officers, directors and consultants who are performing additional unanticipated work involved with executing the Company’s business plan and who are not being paid cash compensation.

The table below summarizes information related to options issued and vested during the nine months ended November 30, 2020:

Options Granted	# of Options		Weighted Avg. Exercise price		Weighted Avg. Grant date fair value		Weighted Avg remaining life (in years)
Outstanding at March 1, 2020		-		-		-		-
Granted		3,000,000	$	0.50	$	1,417,640		10
Exercised		-		-		-		-
Forfeited and expired		-		-		-		-
Outstanding at November30, 2020		3,000,000	$	0.50	$	1,417,640		10
Vested at November 30, 2020		3,000,000	$	0.50	$	1,417,640		10

During the nine months ended November 30, 2020, the fair value of the options granted was $1,417,640 of which all had vested. The fair value of the options was determined using the Black-Scholes option pricing model with the following assumptions:

Expected life	10 years
Volatility		120.59	%
Dividend yield		0	%
Risk free interest rate		0.59	%