NOTES PAYABLE AND ACCRUED INTEREST TO RELATED PARTIES

10 Months Ended

Dec. 31, 2020

NOTES PAYABLE AND ACCRUED INTEREST TO RELATED PARTIES

NOTE 4 - NOTES PAYABLE AND ACCRUED INTEREST TO RELATED PARTIES

The balance of notes payable and accrued interest was approximately $0, $1,406,000, and $1,285,000 as of December 31, 2020, February 29, 2020, and February 28, 2019, respectively. Effective September 23, 2020, all amounts outstanding and originally payable to Magna Acquisition LLC (“MALLC”), a related party, and to Joel S. Kanter, a former director of the Company (who is also a manager of MALLC) and then payable to Activist were converted into 116,697,438 shares of Class A common stock of the Company. See Note 3 above.