Convertible Notes Payable (Tables)

9 Months Ended

Nov. 30, 2023

Convertible Notes Payable [Abstract]

Schedule of Convertible Notes Payable

Convertible notes payable consisted of the following:

	November 30, 2023			February 28, 2023
(amounts in thousands)
(a) Convertible notes payable 1 – past due	$	1,403		$	1,403
(b) Convertible notes payable 2		100			-
Total		1,503			1,403
Unamortized debt discount		(5	)		-
Net	$	1,498		$	1,403

(a) In Fiscal 2013 and 2014, the Company issued six convertible notes payable in the aggregate of $4,000. The notes are unsecured, bear interest at 5% per annum and are convertible into shares of common stock at a conversion price of $1.40 per share, as adjusted. The notes were originally due in 2014 to 2017 and were all amended in 2018 and the maturity date for all the notes was changed to January 11, 2023. As February 28, 2023, the outstanding balance of the convertible notes payable amounted to $1,403 and are past due.

(b) During the nine months ended November 30, 2023, the Company issued five convertible notes payable to unrelated individuals and entities totaling $100,000 in exchange for cash. The notes are unsecured, bear interest at rate of 10% per annum, and mature in March 2024. The notes payable are convertible into shares of common stock at a conversion rate of $0.20 per share.