v3.26.1
8. Loans Payable
 3 Months Ended
May 31, 2026
Debt Disclosure [Abstract]  
8. Loans Payable

8.      Loans Payable

a.       Loans from related parties

 

  

May 31 2026 (unaudited)

$

 

Feb 28 2026

$

Minoan Medical Proprietary Limited          
Opening balance   187    940,001 
Interest   —      58,731 
Received/Issued   —      620,202 
Repayments   —      (1,661,932)
Foreign exchange difference   —      43,185 
Closing balance   187    187 
           
Minoan Capital Proprietary Limited          
Opening balance   314    276 
Foreign exchange difference   (7)   38 
Closing balance   307    314 
           
Total debt   494    501 

 

 

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 date at which the substantial majority of the loan was settled, the South African prime lending rate was 10.50%. Management believes the terms of the loan were market-related.

During the fiscal year ended February 28, 2026, substantially all amounts previously reflected in loans payable were extinguished through 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. As of May 31, 2026, only an immaterial balance of $187 remained outstanding to Minoan Medical.

 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.