v3.26.1
8. Loans Payable
 12 Months Ended
Feb. 28, 2026
Debt Disclosure [Abstract]  
8. Loans Payable 8.     Loans Payablea. Loans from related parties

 

  

2026

$

 

2025

$

Minoan Medical Proprietary Limited          
Opening balance   940,001    1,769,688 
Interest accrued   58,731    141,748 
Received/Issued   620,202    1,664,939 
Repayments   (1,661,932)   (2,701,966)
Foreign exchange difference   43,185    65,592
Closing balance   187    940,001 
           
Minoan Capital Proprietary Limited          
Opening balance   276    269 
Foreign exchange difference   38    7 
Closing balance   314    276 
           
Total debt   501    940,277 

 

Minoan Medical Proprietary Limited:

 

Loans payable include an unsecured loan of $187 from Minoan Medical, the prior parent entity of DISA Medinotec in South Africa. This loan was initially obtained to support the working capital and capital expenditure expansions of DISA Medinotec during its developmental and startup phases. Following the acquisition of DISA Medinotec on March 2, 2022, the Company assumed this liability.

 

Under the terms of the loan agreement, the loan was repayable within three years following the occurrence of an initial public offering, defined in the agreement as the point at which the business had achieved sufficient growth to list on a national exchange. During this period, the loan accrued interest at the prevailing South African prime lending rate. At August 31, 2025, the South African prime lending rate was 10.50%. Management believes the terms of the loan were market-related.

  

 

On August 31, 2025, DISA Medinotec, Minoan Medical and DISA Life Sciences entered into a tripartite set-off and settlement agreement in terms of which DISA Life Sciences undertook to settle the loan payable on behalf of DISA Medinotec. In accordance with that agreement, DISA Medinotec’s trade receivable balance with DISA Life Sciences was reduced by a corresponding amount.

 

During the fiscal year ended February 28, 2026, substantially all amounts previously reflected in loans payable were extinguished through the set-off arrangement described above and related settlements. As of February 28, 2026, loans payable to Minoan Medical were not material.

 

Minoan Medical’s ultimate beneficial owner is Dr. Gregory Vizirgianakis, Chief Executive Officer of the Medinotec Group of Companies. Prior to the transfer of DISA Medinotec into the Medinotec group structure, Minoan Medical held Dr. Vizirgianakis’ medical investments and export interests, of which DISA Medinotec was one.

 

Minoan Capital Proprietary Limited:

 

This is an unsecured, interest free loan with no fixed terms of repayment.

 

Minoan Medical and Minoan Capital are related parties of the Group as the CEO Dr Gregory Vizirgianakis has common control.