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Convertible Note Payable-Related Party, Past Due
6 Months Ended
Aug. 31, 2023
Convertible Note Payable-Related Party, Past Due [Abstract]  
CONVERTIBLE NOTE PAYABLE-RELATED PARTY, PAST DUE

NOTE 3 – CONVERTIBLE NOTE PAYABLE-RELATED PARTY, PAST DUE

 

Convertible note payable – related party consisted of the following:

 

   

August 31,

2023

   

February 28,

2023

 
(amounts in thousands)             
Convertible note payable – past due   $ 3,000     $ 3,000  
Non-current     -       -  
Current   $ 3,000     $ 3,000  

 

On January 24, 2017, the Company entered into a debt refinancing agreement with a former director and current shareholder of the Company. As part of the agreement, the Company issued a $3,000 convertible note. The convertible note is unsecured, bears interest at 5% per annum, was due February 2, 2023, and is convertible into shares of common stock at a conversion price of $1.40 per share, as adjusted.

 

As of August 31, 2023 and February 28, 2023, the convertible note of $3,000 and is past due.