Shareholders’ Deficit

6 Months Ended

Aug. 31, 2023

Shareholders’ Deficit [Abstract]

SHAREHOLDERS’ DEFICIT

NOTE 9 – SHAREHOLDERS’ DEFICIT

Common Stock

During the six-months ended August 31, 2023, the Company issued 4,877,271 shares of common stock for approximately $1,610 in cash.

During the six-months ended August 31, 2022 the Company issued 6,060,333 shares of common stock for approximately $1,669.

Stock Options

A summary of the Company’s stock option activity for the six-months ended August 31, 2023 is as follows:

(amounts in thousands, except share and per share data)	Number of Options			Exercise Price		Weighted Average Intrinsic Value
Outstanding, February 28, 2023		4,792,857		$	0.48	$	-
Granted		-			-		-
Exercised		-			-		-
Cancelled		(542,857	)		1.40		-
Outstanding, August 31, 2023		4,250,000		$	0.37	$	-

There was no intrinsic value as of August 31, 2023, as the exercise prices of these options were greater than the market price of the Company’s stock. The exercise prices and information related to options under the 2011 Plan outstanding on August 31, 2023 is as follows:

Range of Exercise Price	Stock Options Outstanding		Stock Options Exercisable		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price of Options Outstanding		Weighted Average Exercise Price of Options Exercisable
$0.25 to $1.40		4,250,000		4,250,000		2.16	$	0.37	$	0.37

The Company granted no stock options under its stock option 2011 Plan for the six-month period ended August 31, 2023 and the six-month period ended August 31, 2022.

Warrants

A summary of the Company’s warrant activity for the six-months ended August 31, 2023 is as follows:

	Number of Warrants		Exercise Price
Outstanding, February 28, 2023		3,564,764	$	0.86
Granted		-		-
Exercised		-		-
Cancelled		-		-
Outstanding, August 31, 2023		3,564,764	$	0.86

There was no intrinsic value as of August 31, 2023, as the exercise prices of these warrants were greater than the market price of the Company’s stock. The exercise prices and information related to the warrants as of August 31, 2023 is as follows:

Range of Exercise Price	Stock Warrants Outstanding		Stock Warrants Exercisable		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price of Warrants Outstanding		Weighted Average Exercise Price of Warrants Exercisable
$0.50 to $1.40		3,564,764		3,564,764		5.33	$	0.86	$	0.86

In March 2022, pursuant to an agreement with a note holder (see Note 5), the Company issued to Mr. Kopple 3,331,664 warrants to purchase the Company’s common stock with a term of 7 years and at an exercise price of $0.85 per share. The Company determined the fair value of the Kopple Warrants was $1,051 using a Black-Scholes model using the assumptions as set forth in the table below:

Warrants issued during the Six-Months Ended August 31, 2022
Exercise Price	$	0.85
Share Price	$	0.317
Volatility %		225	%
Risk-Free Rate		1.98	%
Expected Term (yrs.)		7.0
Dividend Rate		0	%