NOTE 3 - NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTY	3 Months Ended
May 31, 2020
Notes Payable [Abstract]
NOTE 3 - NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTY	The balance of notes payable and accrued interest was approximately $1,435,000 and $1,406,000, as of May 31, 2020 and February 29, 2020, respectively. Notes payable include 12% unsecured notes payable to the Company’s principal stockholder, Magna Acquisition LLC (“MALLC”), a related party, in the aggregate principal amount of approximately $687,000, plus approximately $727,000 of interest accrued. In addition, notes payable include 10% unsecured notes payable to a director of the Company (who is also a manager of MALLC) in the aggregate principal amount of approximately $19,000 plus approximately $2,000 of accrued interest. All of such notes become due 120 days after issuance and, as such, approximately $687,000 principal amount of the MALLC notes are overdue at May 31, 2020. Approximately $17,000 of the notes payable to the director are overdue. The notes that are overdue bear interest at 15% and 12%, respectively, per year for the MALLC notes and for the director note subsequent to their maturity date. The noteholder has not asserted that the Company is in default. Subsequent to May 31, 2020, in June 2020, the director loaned the Company an additional approximately $10,000. The Company intends to make a proposal to this principal stockholder and to this director to convert all amounts outstanding to them (including overdue amounts) into common stock of the Company. See Note 5, Subsequent Events for discussion of the sale of these notes to a third party on July 2, 2020.

NOTE 3 - NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTY

3 Months Ended

May 31, 2020

NOTE 3 - NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTY

The balance of notes payable and accrued interest was approximately $1,435,000 and $1,406,000, as of May 31, 2020 and February 29, 2020, respectively. Notes payable include 12% unsecured notes payable to the Company’s principal stockholder, Magna Acquisition LLC (“MALLC”), a related party, in the aggregate principal amount of approximately $687,000, plus approximately $727,000 of interest accrued. In addition, notes payable include 10% unsecured notes payable to a director of the Company (who is also a manager of MALLC) in the aggregate principal amount of approximately $19,000 plus approximately $2,000 of accrued interest. All of such notes become due 120 days after issuance and, as such, approximately $687,000 principal amount of the MALLC notes are overdue at May 31, 2020. Approximately $17,000 of the notes payable to the director are overdue. The notes that are overdue bear interest at 15% and 12%, respectively, per year for the MALLC notes and for the director note subsequent to their maturity date. The noteholder has not asserted that the Company is in default.

Subsequent to May 31, 2020, in June 2020, the director loaned the Company an additional approximately $10,000.

The Company intends to make a proposal to this principal stockholder and to this director to convert all amounts outstanding to them (including overdue amounts) into common stock of the Company. See Note 5, Subsequent Events for discussion of the sale of these notes to a third party on July 2, 2020.