Convertible Notes Payable

6 Months Ended

Aug. 31, 2025

Convertible Notes Payable [Abstract]

CONVERTIBLE NOTES PAYABLE

NOTE 2 – CONVERTIBLE NOTES PAYABLE 

Convertible notes payable consisted of the following:  

	August 31, 2025		February 29, 2024
(amounts in thousands)
(a) Convertible notes payable 1 – past due	$	1,403	$	1,403
(b) Convertible notes payable 2 – past due		90		110
Net	$	1,493	$	1,513

(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 to change the maturity date to January 11, 2023. As of August 31, 2025 and February 28, 2025, the outstanding balance of the convertible notes payable amounted to $1,403 and are past due.

(b) In Fiscal 2024 the Company issued convertible notes payable to unrelated individuals and entities totaling $110 in exchange for cash. The notes are unsecured, bear interest at rate of 10% per annum, and matured in March 2024. The notes payable are convertible into shares of common stock at a conversion price of $0.20 per share. As of August 31, 2025 and February 28, 2025, the outstanding balance of the convertible notes payable amounted to $90 and $110, respectively, and are past due.

At August 31, 2025, the total outstanding convertible notes payable of $1,493 and accrued interest of $546 are convertible into 1,910,991 shares of common stock at conversion rates ranging from $0.20 to $1.40 per share.