SUBSEQUENT EVENTS |
12 Months Ended |
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Feb. 28, 2025 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS
Subsequent to February 28, 2025 through to filing date,
— the Company issued common shares pursuant to a share purchase agreement for gross proceeds of $, issuance costs of $ and cash proceeds of $.
— The Company issued shares to a lender to settle $738,000 in principal and $37,500 in accrued interest totaling $775,500, pursuant to exchange agreements with the lender.
— on May 27, 2025 the Company entered into an Amended Equity Financing Agreement whereby an investor shall invest up to $30,000,000 over the course of twenty four (24) month at a purchase price of eighty percent (80%) of the lowest trade price in the 9 day preceding period. If the average Closing Price for the Common Stock during the three (3) trading days preceding a purchase is equal to or greater than one cent ($.01) per share, the applicable purchase price shall equal eighty five percent (85%) of the lowest trade price in the 9 day preceding period. Following an up-list to the NASDAQ or an equivalent national exchange by the Company, the purchase price shall equal ninety percent (90%) of the lowest Volume Weighted Average Price (“VWAP”) for the Common Stock during the 9 day preceding period subject to a floor of $2.00 per share, below which the Company shall not be required to sell shares. In conjunction with the above agreement, the Company entered into a Registration Rights Agreement. |