DUE TO SHAREHOLDER

9 Months Ended

Oct. 31, 2023

Related Party Transactions [Abstract]

DUE TO SHAREHOLDER

DUE TO SHAREHOLDER

The Company has a credit facility with its majority shareholder Vector Group Ltd., whereby, the credit facility provides the principal amount up to $700,000, as amended as of June 10, 2022, of financing to the Company for working capital purposes. Amounts outstanding under the credit facility accrue interest at an annual rate of 11% and mature in December 2025. As of October 31, 2023 and January 31, 2023, respectively, principal and interest outstanding under the credit facility totaled $1,115,399 and $1,032,762, including principal of $629,800 and $598,800, respectively, and accrued interest of $485,599 and $433,962, respectively. Interest expense related to the credit facility was $17,704 and $16,439 for the three months ended October 31, 2023 and 2022, respectively; and $51,638 and $48,145 for the nine months ended October 31, 2023 an 2022, respectively.