| Due to related parties |
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On March 24, 2021, the Company entered into a promissory note with the Chief Executive Officer (“CEO”) of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 24, 2022. As at May 31, 2025, the outstanding principal is $10,000 (February 28, 2025 – $10,000) and the Company has recognized accrued interest of $4,189 (February 28, 2025 – $3,937), which is included in due to related parties. |
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On September 7, 2021, the Company entered into a promissory note with the CEO of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 7, 2022. As at May 31, 2025, the outstanding principal is $10,000 (February 28, 2025 – $10,000) and the Company has recognized accrued interest of $3,732 (February 28, 2025 – $3,479) which is included in due to related parties. |
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On February 11, 2022, the Company entered into a promissory note with the CEO of the Company for $20,000, which is unsecured, bears interest of 10% per annum and matured on February 11, 2023. As at May 31, 2025, the outstanding principal is $20,000 (February 28, 2025 – $20,000) and the Company has recognized accrued interest of $6,603 (February 29, 2024 – $6,099), which is included in due to related parties. |
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On April 14, 2021, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $26,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at May 31, 2025, the outstanding principal is $26,000 (February 28, 2025 – $26,000) and the Company has recognized accrued interest of $10,742 (February 28, 2025 – $10,087), which is included in due to related parties. |
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On February 11, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $130,000, which is unsecured, bears interest of 10% per annum and matures on February 11, 2023. As at May 31, 2025, the outstanding principal is $130,000 (February 28, 2025 – $130,000) and the Company has recognized accrued interest of $42,918 (February 28, 2025 – $39,641), which is included in due to related parties. |
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During the year ended February 28, 2022, a third-party lender purchased a promissory note from a company controlled by a significant shareholder of the Company in the amount of $15,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at May 31, 2025, the outstanding principal is $15,000 (February 28, 2025 – $15,000) and the Company has recognized accrued interest of $6,197 (February 28, 2025 – $5,819), which is included in due to related parties. |
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On May 2, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $25,000, which is unsecured, bears interest of 10% per annum and matured on March 2, 2023. As at May 31, 2025, the outstanding principal is $25,000 (February 28, 2025 – $25,000) and the Company has recognized accrued interest of $7,705 (February 28, 2025 – $7,075), which is included in due to related parties. |
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On September 9, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $15,000, which is unsecured, bears interest of 10% per annum and matured on September 9, 2023. As at May 31, 2025, the outstanding principal is $15,000 (February 28, 2025 – $15,000) and the Company has recognized accrued interest of $4,089 (February 28, 2025 – $3,711), which is included in due to related parties. |
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On January 31, 2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $50,000, which is unsecured, bears interest of 10% per annum and matures on January 31, 2027. As at May 31, 2025, the outstanding principal is $50,000 (February 28, 2025 - $50,000) and the Company has recognized accrued interest of $1,644 (February 28, 2025 – $383), which is included in due to related parties. |
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On March 3, 2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $50,000, which is unsecured, bears interest of 10% per annum and matures on March 3, 2027. As at May 31, 2025, the outstanding principal is $50,000 and the Company has recognized accrued interest of $1,370, which is included in due to related parties. |
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On May 9, 2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $29,000, which is unsecured, bears interest of 10% per annum and matures on May 9, 2027. As at May 31, 2025, the outstanding principal is $29,000 and the Company has recognized accrued interest of $175, which is included in due to related parties. |
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On May 22, 2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $41,000, which is unsecured, bears interest of 10% per annum and matures on May 22, 2027. As at May 31, 2025, the outstanding principal is $41,000 and the Company has recognized accrued interest of $101, which is included in due to related parties. |
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As at May 31, 2025, the Company owes a total of $604 (February 28, 2025 – $600) to officers of the Company for advances, which are unsecured, non-interest bearing and due on demand. |
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During the three months ended May 31, 2025, the Company incurred salary expenses of $27,058 (R498,185) (2024 – $26,357 (R493,258) to the CEO of the Company. |
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During the three months ended May 31, 2025, the Company incurred directors’ fees of $34,250 (2024 – $25,000) to a Director of the Company pursuant to a Director Agreement (Note 10(b)). |
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During the three months ended May 31, 2025, the Company incurred directors’ fees of $815 (R15,000) (2024 – $1,202 (R22,500)) to a Director of the Company. |
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During the three months ended May 31, 2025, the Company incurred management fees of $nil (2024 - $58,332) to the Director and former Chief Operating Officer (“COO”) of the Company pursuant to a Director and Officer Agreement (Note 10(b)). |
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