| Notes payable |
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On May 20, 2020, the Company entered into a promissory note with a third-party lender for $25,000, which is unsecured, bears interest of 10% per annum and matured on May 20, 2023. As at May 31, 2025, the Company has recognized accrued interest of $12,582 (February 28, 2025 – $ 11,952), which is included in accounts payable and accrued liabilities. |
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On May 27, 2020, the Company entered into a promissory note with the U.S. Small Business Administration for $77,800, which is secured by the assets of the Company, bears interest of 3.75% per annum and matures on May 27, 2050. Instalment payments, including principal and interest, of $380 per month will begin 12 months from the date of the promissory note. As at May 31, 2025, the Company has recognized accrued interest of $13,847 (February 28, 2025 – $13,112), which is included in accounts payable and accrued liabilities. |
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On October 22, 2021, the Company entered into a promissory note with a third-party lender for $25,500, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at May 31, 2025, the Company has recognized accrued interest of $9,201 (February 28, 2025 – $8,558), which is included in accounts payable and accrued liabilities. |
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