Notes Payable

6 Months Ended

Aug. 31, 2023

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

Notes payable consisted of the following:

(amounts in thousands)	August 31, 2023		February 28, 2023
Secured notes payable
(a) Note payable-EID loan	$	150	$	150
(b) Notes payable-vehicles and equipment		147		188
Unsecured notes payable
(c) Note payable-other		10		10
Total	$	307	$	348
Non-current		214		256
Current		93		92

(a) Economic Injury Disaster (EID) Loan

On July 1, 2020, the Company received a $150 loan under the United States Small Business Administration (“SBA”) Economic Injury Disaster Loan (“EID Loan”) program. The loan is due July 1, 2050, interest accrues at 3.75% per annum, and is secured by the assets of the Company.

(b) Notes payable-vehicle and equipment

During Fiscal 2022, the Company issued notes payable to purchase two pieces of equipment and a vehicle for $329. The notes are secured by the equipment and vehicle purchased. One note for $210 is due October 31, 2024, and requires 36 equal monthly payments of approximately $6 each, including interest at 2.9% per annum. The second note for $78 is due January 20, 2027, and requires 72 equal monthly payments of approximately $1.5 each, including interest at 10.9% interest per annum. As of August 31, 2023 and February 28, 2023, the balance of the two notes was $147 and $188, respectively.

(c) Note payable-other

As of August 31, 2023 and February 28, 2023, the Company has one note payable due to an individual issued in September 2015 that is payable on demand with an interest rate of 10% per annum.